ANI Pharmaceuticals Receives Clearance from U.S. Federal Trade Commission for the Acquisition of Novitium Pharma

Rhea-AI Summary

ANI Pharmaceuticals, Inc. announced the FTC's acceptance of the proposed consent order regarding its acquisition of Novitium Pharma. The FTC requires the divestiture of development rights to one generic drug and related assets of another, deemed immaterial to ANI's business. With this decision, ANI has cleared the necessary antitrust hurdles, proceeding to close the acquisition around November 18, 2021, subject to customary conditions. This acquisition is strategic, aiming to enhance ANI's portfolio in the pharmaceutical market.

Positive

• Antitrust clearance by FTC is a significant milestone for the acquisition.
• The divestitures required are immaterial, suggesting minimal disruption to operations.
• The acquisition is expected to enhance ANI's product offerings and market position.

Negative

• None.

-- Divestiture Required by FTC of Two Generic Products Immaterial to Company’s Business --

BAUDETTE, Minn.--(BUSINESS WIRE)-- ANI Pharmaceuticals, Inc. (Nasdaq: ANIP) (ANI or the Company) today announced that the U.S. Federal Trade Commission (the FTC) has accepted the proposed consent order in connection with ANI's definitive agreement to acquire Novitium Pharma. The divestitures required by the FTC of development rights to one generic drug and assets with respect to another generic drug are immaterial to the Company’s business.

The acceptance by the FTC satisfies all required antitrust clearances needed to be obtained for the acquisition of Novitium Pharma by ANI. The closing of the acquisition remains subject to other customary closing conditions set forth in the purchase agreement. ANI currently expects that the acquisition will be completed on or about November 18, 2021.

About ANI Pharmaceuticals, Inc.

ANI Pharmaceuticals is a diversified bio-pharmaceutical company serving patients in need by developing, manufacturing, and marketing high quality branded and generic prescription pharmaceutical products, including for diseases with high unmet medical need. For more information, please visit www.anipharmaceuticals.com.

Forward Looking Statements

Statements made in this release that are not strictly historical, including the statements regarding the anticipated acquisition of Novitium Pharma and the timing thereof and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are forward-looking statements within the meaning of the federal securities laws.

Uncertainties and risks may cause the Company’s actual results to be materially different than those expressed in or implied by such forward-looking statements. Uncertainties and risks include, but are not limited to, the parties' ability to satisfy the remaining acquisition agreement closing conditions, including the concurrent closing of the debt and equity transactions related thereto, and consummate the acquisition of Novitium Pharma on the anticipated timetable and terms or at all. More detailed information on these and additional factors that could affect the Company’s actual results are described in the Company’s filings with the Securities and Exchange Commission (SEC), including its most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as well as other filings with the SEC. All forward-looking statements in this news release speak only as of the date of this news release and are based on the Company’s current beliefs, assumptions, and expectations. The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211111005491/en/

Investor Relations:

Lisa M. Wilson, In-Site Communications, Inc.

T: 212-452-2793

E: lwilson@insitecony.com

Source: ANI Pharmaceuticals, Inc.

FAQ

What did ANI Pharmaceuticals announce in the press release?

ANI Pharmaceuticals announced the FTC's acceptance of a consent order for its acquisition of Novitium Pharma, requiring minor divestitures.

When is ANI Pharmaceuticals expected to complete the acquisition of Novitium Pharma?

ANI Pharmaceuticals expects to complete the acquisition on or about November 18, 2021.

What did the FTC require from ANI Pharmaceuticals regarding the acquisition?

The FTC required ANI Pharmaceuticals to divest development rights to one generic drug and assets related to another generic drug.

How does the FTC's decision impact ANI's business?

The FTC's decision is positive as the required divestitures are deemed immaterial to ANI's business, ensuring minimal disruption.