19 April 2004 00:01 [Source: ICB Americas]
Pharmaceutical Resources Inc. (PRX) has snagged Somerset, N.J.-based Kali Laboratories Inc. in a $135 million bid to substantially expand its research and development capabilities.
Kali develops generic drugs that are then commercialized by its marketing partners, although Kali is generally responsible for manufacturing the products. The company currently has 14 abbreviated new drug applications (ANDAs) awaiting Food and Drug Administration approval, with an additional eight ANDA filings slated for 2004. In total, the acquisition positions PRX, or its marketing partners, to launch at least 36 new products in 2004 and 2005.
PRX also gains an R&D operation of55 employees and a 45,000 square foot manufacturing facility in Somerset.
The acquisition will substantially expand the scope of PRX’s portfolio and improve the company’s long-term growth prospects, says PRX president and CEO Scott Tariff. “It also diversifies our pipeline, provides more visibility with four additional first-to-file product opportunities, and will add more stability to our future earnings,” he adds.
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