BOCA RATON, FL – Breckenridge Pharmaceutical signed a deal to acquire a host of drugs in development from Pernix Therapeutics from $30 million.
Breckenridge, a private company that was formed in 1983, would receive 11 new drug applications and seven previously marketed products from The Woodlands, Texas-based Pernix (NASDAQ: PTX). The products include solid-oral products, ophthalmic treatments, oral solutions, syrups and powders.
It will pay $20 million up front and $10 million in two equal installments over the next two years.
“Breckenridge sees this acquisition as an opportunity to expand our current portfolio, as well as our research and development pipeline,” said Larry Lapila, executive VP of Breckenridge.
The deal should close in September.