ANI Pharmaceuticals, Inc. has acquired WellSpring Pharma Services, Inc. for $18 million in cash, expanding its contract manufacturing business.

WellSpring is a contract development and manufacturing organization (CDMO) based out of Oakville, ON with capabilities in solid oral, semi-solids and liquids. WellSpring has approximately 100 employees and operates out of a 100,000 sq.-ft. site. WellSpring generates approximatley $15 to $20 million in annual revenues.

The company currently manufactures 17 commercial products for 11 different customers and is assisting customers on 13 additional products that are in development or awaiting FDA approval. The site manufactures drug product for both the U.S. and Canadian prescription drug markets.

ANI is a specialty pharmaceutical company based in Baudette, MN that develops and manufactures liquid, powder and oral solid dose products, including those requiring containment. ANI also performs contract manufacturing with two facilities with combined manufacturing, packaging and lab capacity of approximately 170,000 sq.-ft.