Pharmaceutical marketing, research and development company Breckenridge Pharmaceutical has signed a deal to acquire certain assets of Pernix Therapeutics' subsidiary, Cypress Pharmaceuticals, for $30m.
The assets included in the agreement are 11 abbreviated new drug applications (ANDAs) filed with the FDA, certain ANDAs in various stages of development, in addition to seven previously marketed products.
Breckenridge executive vice president Larry Lapila said the acquisition is an opportunity to expand the company's current portfolio, in addition to R&D pipeline.
"The Cypress assets are a natural fit to and complement the Breckenridge portfolio," Lapila added.
Further, the assets include several dosage forms, including ophthalmic, nasal spray, oral solution, syrup, and powder products.
Marketing of approved products and the prosecution of ANDAs currently filed and pending with FDA will be carried out by Breckenridge.
The agreement is expected to close by mid-September 2013.
