ADMA Biologics, Inc., a late-stage biopharmaceutical company that develops, manufactures, and commercializes specialty plasma-based biologics for the proposed treatment of immune deficiencies and prevention of certain infectious diseases, announced that its acquisition of the assets of Biotest Pharmaceuticals Corporation’s Therapy Business Unit (BTBU) has been completed. ADMA has assumed operational control of the assets and has formally commenced integration activities.
As a result of this transaction, ADMA has acquired two U.S. Food and Drug Administration (FDA) licensed products, Nabi-HB™ (Hepatitis B Immune Globulin, Human) and BIVIGAM™ (Immune Globulin Intravenous, Human), manufacturing and testing operations consisting of two facilities totaling approximately 126,000 square feet on approximately 15 acres of land located in Boca Raton, Florida and has received $27.5 million in cash ($15.0 million of which is in the form of a subordinated loan from Biotest Pharmaceuticals Corporation), with an additional $12.5 million commitment from Biotest Pharmaceuticals Corporation to invest in future ADMA equity financings.
“We are very excited to have completed this acquisition of BTBU’s assets. We now have the authority to be in direct communication with the FDA in order to further support our efforts to remediate the outstanding BTBU warning letter,” stated Adam Grossman, President and Chief Executive Officer of ADMA Biologics. “Upon the resolution of the warning letter, we will have the opportunity to refile our Biologics License Application (BLA) for RI-002, which we believe has the potential to create significant stockholder value. In addition, we look forward to having the opportunity to generate accretive revenues through the assets acquired, as well as leveraging our industry expertise to drive further product utilization and market penetration.”
(Source: Nadsaq)
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