BUENA, N.J., Oct. 13, 2015 /PRNewswire/ -- IGI
Laboratories, Inc. (NYSE MKT: IG), a New
Jersey-based specialty generic pharmaceutical company, today
announced it has entered into an agreement to acquire the assets of
Alveda Pharmaceuticals, Inc. for $47
million CAD in cash. Alveda Pharmaceuticals, Inc. is a
Canadian generic pharmaceutical company focused on providing the
Canadian healthcare system with essential injectable pharmaceutical
products. Products are supplied through Alveda's long-term
partnerships with reputable European contract manufacturing
organizations. Alveda currently markets 17 molecules in the
Canadian market through its 36 injectables and is the market leader
in Canada for most of the products
in the Alveda catalogue.
Jason Grenfell-Gardner, President
and CEO of IGI, commented, "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.''
''This acquisition allows us to extend our TICO strategy into
Canada,'' continued Mr.
Grenfell-Gardner. ''This sector of the Canadian market typically
offers timely generic approvals from Health Canada, which, together
with the Alveda team, should accelerate the growth of IGI in
Canada."
Albert Beraldo, President and CEO
of Alveda Pharmaceuticals Inc., stated, "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."
The transaction is expected to close before the end of November,
2015, subject to customary closing conditions.
Product Information
Alveda has projected net sales of approximately $16.0M CAD for their fiscal year ended
September 30, 2015.
Alveda's marketed injectable products include:
- atropine sulphate
- acetylcysteine
- dimenhydrinate
- ergonovine maleate
- furosemide
- irinotecan
- lidocaine
- lidocaine with epinephrine
- piperacillin tazobactam
- methylene blue
- naloxone
- succinylcholine chloride
- sodium chloride
- sterile water
- epinephrine
About IGI Laboratories, Inc.
IGI Laboratories is a specialty generic pharmaceutical
company. Our mission is to be a leading player in the
specialty generic prescription drug market.
About Alveda Pharmaceuticals, Inc.
Alveda Pharmaceuticals, Inc. is a Canadian company specializing
in the sale and distribution of quality pharmaceuticals.
Alveda's dedicated employees are committed to addressing the unmet
and under-met medical needs of the Canadian healthcare system.
http://www.alvedapharma.com/
Forward-Looking Statements
This press release includes certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include, but are not
limited to, plans, objectives, expectations and intentions, and
other statements contained in this press release that are not
historical facts and statements identified by words such as "plan,"
"believe," "continue," "should" or words of similar meaning.
Factors that could cause actual results to differ materially from
these expectations include, but are not limited to: our inability
to meet current or future regulatory requirements in connection
with existing or future ANDAs; our inability to achieve
profitability; our failure to obtain FDA approvals as anticipated;
our inability to execute and implement our business plan and
strategy; the potential lack of market acceptance of our products;
our inability to protect our intellectual property rights; changes
in global political, economic, business, competitive, market and
regulatory factors; and our inability to complete successfully
future product acquisitions. These statements are based on
our current beliefs or expectations and are inherently subject to
various risks and uncertainties, including those set forth under
the caption "Risk Factors" in IGI Laboratories, Inc.'s most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q
and other periodic reports we file with the Securities and Exchange
Commission. IGI Laboratories, Inc. does not undertake any
obligation to update any forward-looking statements contained in
this document as a result of new information, future events or
otherwise, except as required by law.
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SOURCE IGI Laboratories, Inc.