Breckenridge to acquire certain assets of Cypress for $30 million

Assets include 11 ANDAs filed with the FDA, certain other ANDAs in various stages of development and seven previously marketed products

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BOCA RATON, Fla.—Breckenridge Pharmaceutical Inc. announced Aug. 9 that it had entered into an agreement to acquire from PernixTherapeutics certain assets of its subsidiary, CypressPharmaceuticals, for $30 million.
Theassets include 11 Abbreviated New Drug Applications (ANDAs) filed withthe U.S. Food and Drug Administration (FDA), certain other ANDAs in various stages of development and seven previously marketed products. Further details of what those products are were not specified by Breckenridge except to not that inaddition to solid-oral products, the assets include products in various other dosage forms, such as ophthalmic, nasal spray, oral solution, syrup andpowder varieties.  
Breckenridge noted in the news release about the deal that it "will continue to market the approved products and to prosecute those ANDAs currently filed and pending with FDA." 
"Breckenridge sees this acquisition as an opportunity to expand our current portfolio, as well as our R&D pipeline," said Larry Lapila, executive vice president ofBreckenridge. "TheCypress assets are a natural fit to and complement the Breckenridgeportfolio."
The closing is expected to occur by mid-September 2013.
Reportedly, the $30 million will be paid out as $20 million upfront and $10 million in a pair of equal installments over the next two years.
BreckenridgePharmaceutical is a privately-held pharmaceutical marketing,research and development company founded in 1983 that markets a broadrange of generic prescription products in many therapeutic categories and in a variety of dosage forms,  including tablets, capsules, soft gel capsules, liquids, suspensions and powders.

Cypress is primarily focused on the sales, marketing,manufacturing, and development of branded, generic, and OTCpharmaceutical products.

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