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ANI Acquires Inderal LA Assets

March 14, 2016

Expands commercial portfolio

ANI Pharmaceuticals, Inc. has agreed to acquire a portfolio of Inderal LA assets and finished goods inventory from Cranford Pharmaceuticals, LLC. The acquisition will include the NDA and trademark for Inderal LA 60mg, 80mg, 120mg and 160mg sustained release capsules as well as the authorized generic, propranolol ER capsules, both of which are indicated for hypertension, angina pectoris, migraine and hypertrophic subaortic stenosis. According to IMS Health, Inderal LA and the authorized generic generated combined sales of $30 million in 2015.
 
The transaction is expected to close in the second quarter of 2016, subject to certain closing conditions. Financial terms were not disclosed.
 
Arthur S. Przybyl, ANI's president and chief executive officer said, "We are excited to add these extended release products to the ANI commercial portfolio. The acquisition, which is consistent with our strategy of pursuing limited competition generic products and mature brands, will be material to our revenue and EBITDA in 2016. We plan to provide updated financial guidance upon closing the transaction."

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