Baudette, MN – ANI Pharmaceuticals, Inc. has agreed to acquire a portfolio of Inderal LA assets from Cranford Pharmaceuticals, LLC. The portfolio will include the NDA and trademark for Inderal LA as well as finished goods inventory.
This medication is a beta blocker used to treat high blood pressure, irregular heartbeats, shaking (tremors), and to prevent migraine headaches and angina, according to WebMD. The drug blocks the action certain natural chemicals, such as epinephrine that affect heart and blood vessels.
Cranford Pharmaceuticals, LLC owns the NDA for Inderal LA 60 mg, 80 mg, 120 mg, and 160 mg sustained release capsules as well as the authorized generic, propranolol ER capsules.
According to Hoovers, the company is located on the first floor at 11 Commerce Drive in Cranford, NJ, the exact same location as Akrimax Pharmaceuticals, LLC, a manufacturer of specialty pharmaceutical products.
The connection between Cranford Pharmaceuticals and Akrimax Pharmaceuticals was not immediately clear. An Akrimax representative did not return a call requesting clarification of that relationship.
Inderal LA and the authorized generic last year generated combined sales of $30 million, according to global information and technology services company IMS Health.
The transaction is expected to close in the second quarter, subject to certain closing conditions, after which ANI plans to immediately begin distributing both Inderal LA and the authorized generic.
Arthur S. Przybyl, president and CEO of ANI, said the acquisition is consistent with the company’s strategy of pursuing limited competition generic products and mature brands.
ANI develops, manufactures, and markets branded and generic prescription pharmaceuticals. Its targeted areas of product development include narcotics, oncolytics (anti-cancers), hormones and steroids, as well as complex formulations involving extended release and combination products.
(Sources: ANI Pharmaceuticals, Inc., WebMD, and Hoovers)