ANI is expanding its portfolio of branded drugs. The company has acquired the new drug applications from Sandoz for Oxistat lotion, Veregen ointment, and Pandel cream and the abbreviated new drug application for ApexiCon E cream.
Pandel Cream will be transitioned later upon receiving the requisite approvals. Collectively, these products generated net revenues of $13.2 million in 2020. The acquisition was funded through borrowings under the company’s pre-existing revolver credit facility.
In conjunction with the acquisition, ANI and Sandoz have entered into a multi-year manufacturing and supply agreement for Oxistat lotion, Pandel cream and ApexiCon E cream. ANI intends to transfer the manufacture and packaging of these three products to its own manufacturing sites in the future.
“This acquisition is in line with our strategy to expand our established brands business through accretive deals," said Nikhil Lalwani, president and CEO. "Importantly, ANI will ensure that patients in need continue to receive these high-quality dermatology products. The acquisition leverages our innovative brand commercialization infrastructure and our North American manufacturing footprint.”