10.13.15
IGI Laboratories, Inc., a NJ-based specialty generic pharmaceutical company, has entered into an agreement to acquire the assets of Alveda Pharmaceuticals, Inc. for $47 million in cash. Alveda is a Canadian generic pharmaceutical company focused on injectable pharmaceutical products that are supplied through Alveda's long-term partnerships with European contract manufacturing organizations. Alveda currently markets 17 molecules in the Canadian market through its 36 injectables. Subject to customary closing conditions, the transaction is expected to close this November.
Jason Grenfell-Gardner, president and chief executive officer of IGI, said, "This transaction should deliver contribution to our fourth quarter of 2015 financial results via a profitable commercial platform and growing pipeline of hospital-administered injectable products in Canada. The Alveda management team has a strong track record with the Canadian institutional supply chain including group purchasing organizations, wholesalers, and individual hospitals. The Alveda in-house regulatory team has been quite productive, and, as a result, Alveda currently has a pipeline of 8 products, 4 of which are pending approval by Health Canada.''
Albert Beraldo, president and chief executive officer of Alveda Pharmaceuticals Inc., said, "IGI's acquisition of the Alveda product line will further accelerate development of our proven business model. IGI provides a fantastic opportunity for the Alveda business to further expand product and service offerings for the benefit of patients throughout Canada."
Jason Grenfell-Gardner, president and chief executive officer of IGI, said, "This transaction should deliver contribution to our fourth quarter of 2015 financial results via a profitable commercial platform and growing pipeline of hospital-administered injectable products in Canada. The Alveda management team has a strong track record with the Canadian institutional supply chain including group purchasing organizations, wholesalers, and individual hospitals. The Alveda in-house regulatory team has been quite productive, and, as a result, Alveda currently has a pipeline of 8 products, 4 of which are pending approval by Health Canada.''
Albert Beraldo, president and chief executive officer of Alveda Pharmaceuticals Inc., said, "IGI's acquisition of the Alveda product line will further accelerate development of our proven business model. IGI provides a fantastic opportunity for the Alveda business to further expand product and service offerings for the benefit of patients throughout Canada."