76.3 F
San Diego
Sunday, Jul 14, 2024
-Advertisement-
Array

Adamis Pharmaceuticals Acquires Arkansas-Based Company

San Diego drugmaker Adamis Pharmaceuticals, which makes low-cost alternatives to expensive drugs, is acquiring Conway, Arkansas-based US Compounding Inc.

Under the terms of the Agreement, USC will become a wholly-owned subsidiary of Adamis, all of the outstanding shares of USC will be converted into the right to receive about 1.62 million shares of Adamis common stock. Adamis will also assume certain secured debt obligations. The transaction is expected to close in the second quarter of 2016, according to an Adamis news release.

“USC will be a compelling addition for Adamis,” said Dennis J. Carlo, president and CEO of Adamis, in a statement. “We believe the combination of revenues of $20 million or greater in each of the last two years, a large sales and marketing team and robust manufacturing capabilities, will be both synergistic with and accretive to Adamis’ overall value. We expect the new division will generate at least $5 million in operating income over the first 12 months and achieve an annualized run rate of $50 million per year within 24 months after closing.”

USC manufactures customized medications based on doctor’s prescriptions for more than 7,000 accounts. In November 2014, the FDA provided guidance for facilities planning to register or renew registration as a drug compounding outsourcing facility. Soon after, USC built a state-of-the-art DEA and FDA inspected facility.

Adamis is a specialty biopharmaceutical company focused on developing and commercializing products in the therapeutic areas of respiratory disease, allergy, oncology and immunology.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-