Akorn to acquire VersaPharm for $440 million
Akorn, a niche pharmaceutical company engaged in the development, manufacture and marketing of multisource and branded pharmaceuticals, will acquire VPI Holdings, the parent company of VersaPharm, a developer and marketer of generic pharmaceuticals to niche markets within the U.S., for $440 million in cash.
VersaPharm focuses on dermatology, tuberculosis and hemophilia, with a pipeline of over 20 products, including 11 ANDAs filed with the FDA, with an addressable IMS market value of over $700 million. VersaPharm's experience in developing topical products complements Akorn's recently acquired manufacturing platform through a merger with Hi-Tech Pharmacal.
This acquisition is expected to add $90 million to $100 million in annual revenues and $0.10 to $0.12 in earnings per share, excluding new pipeline launches, deal amortization and acquisition-related expenses. Akorn anticipates closing in the third quarter.