ANI Pharmaceuticals, Inc. has signed a definitive agreement to acquire Novitium Pharma, a privately held, New Jersey-based pharma company with development, manufacturing and commercialization capabilities, for $163.5 million. This includes $89.5 million in cash and $74 million in equity, plus two potential future cash earn-outs of up to $46.5 million. The deal is expected to be finalized in the second half of the year.
Samy Shanmugam, Novitium’s co-founder and president, and Chad Gassert, the company’s co-founder and CEO, expressed their approval, noting that, “We are delighted to join ANI as we enter this next phase of exciting growth at Novitium Pharma. We look forward to supporting ANI to execute on their strategy of growing their business, expanding and diversifying their product portfolio, and creating long-term value for their investors.”
Novitium currently has 21 abbreviated new drug applications (ANDAs) filed with the FDA, and more than 30 additional products under development. Novitium is expecting to launch 25+ additional products in 2021 and 2022, including products with FDA Competitive Generic Therapy (CGT) designation.