Lannett Co. Inc. entered into its second acquisition deal of the year — and this one is huge.
The Northeast Philadelphia generic drug manufacturer signed a definitive agreement to buy Kremers Urban Pharmaceuticals Inc. for $1.23 billion, plus undisclosed potential contingency payments. Kremers is the Princeton, N.J.-based specialty generic pharmaceuticals subsidiary of global biopharmaceuticals company UCB SA of Belgium.
"For Lannett, this is a transformational acquisition that is an exceptional strategic fit and builds upon our stellar financial performance over the last several years," said Arthur Bedrosian, Lannett's CEO. "With KU, we are adding a highly profitable business and creating a specialty pharmaceuticals company that has substantial size, scale and reach."
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