ANI Pharmaceutical Enters Into Agreement With Sterling Pharmaceuticals
ANI Pharmaceuticals announced in a press release that it had entered into a fee-for-service agreement with Sterling Pharmaceutical Services.
Sterling, a drug developmental and manufacturing company, has been in the pharmaceutical industry for 8 years. The company’s specialized drug developments are focused around oral and liquid delivery systems.
ANI is a developmental and marketing company for oral, topical and liquid drugs. The company markets and develops both brand name and generic versions of drugs, including major narcotic drugs that are required to be manufactured in contained environments. The company produces narcotics, anti cancer drugs, and hormone drugs.
The agreement was arranged for the development of a generic drug which is stated to be developed by Sterlingand thentransferred into the hands of ANI’s facilities, where it will be manufactured and sold commercially. Although the name of the drug has not yet been disclosed, this particular drug is estimated to yield annual revenues of $60 million.
The President and CEO of ANI, Arthur Przybyl, stated "We are pleased to have entered into this initial collaboration with such a high quality partner as Sterling. We hope to place additional projects with Sterling in the future." Robert Flynn, the President of Sterling Pharmaceutical Services, said "We are excited about the new relationship formed with ANI. This will allow both parties to utilize their expertise for the benefit of our respective companies and the consumer."
This venture marks the second major business move ANI makes in 30 days. In December 2013 the company acquired 31 generic drug products from Teva Pharmaceuticals.