Published on July 3, 2012 at 2:03 AM
Pernix Therapeutics Holdings, Inc. ("Pernix" or the "Company") (NYSE
MKT: PTX), a specialty pharmaceutical company, today announced that it
has entered into a definitive agreement to acquire Great Southern
Laboratories, a privately-held pharmaceutical contract manufacturing
company located in Houston, Texas. Under the terms of the agreement,
Pernix will pay $4.9 million to acquire substantially all of the assets
of Great Southern Laboratories and assume certain liabilities. The
assets include buildings and land located in Houston. Pernix anticipates
completing this transaction in July 2012.
Pernix expects this acquisition to improve the Company's gross margins
on currently- marketed generic products and to provide manufacturing
capabilities for the development of its potential OTC and prescription
products. Great Southern has an established pharmaceutical manufacturing
facility with an existing base of customers in the pharmaceutical
industry, which is expected to provide the Company with additional
income and potential cost savings. Pernix is committed to continuing
contract manufacturing for Great Southern's current customers.
Cooper Collins, President and CEO of Pernix, said, "This acquisition of
Great Southern is another important investment in the future growth of
Pernix, which will enable us to develop products more rapidly and
provide in-house product development expertise. We plan to utilize this
facility to manufacture certain products currently marketed by Pernix,
as well as future branded, generic and OTC products, as we continue to
expand and diversify our product portfolio."
Great Southern Laboratories, based in Houston, Texas, was established in
1980. For more than 30 years, the Company has manufactured liquids,
tablets, capsules, ointments and creams for pharmaceutical companies.
Great Southern Laboratories' revenues for the fiscal year ended June 30,
2011 were approximately $12.0 million.
Source: Pernix Therapeutics Holdings, Inc.