Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (OTCBB:ELTP) announced today the acquisition of a currently approved Abbreviated New Drug Application (ANDA) for hydromorphone hydrochloride 8 mg tablets from Mikah Pharma LLC. The hydromorphone hydrochloride tablets are the generic equivalent of Dilaudid® 8 mg.
The brand product and its generic equivalents had annual sales of approximately $28 million in 2009 and there are currently four other approved generic manufacturers plus the innovator. The transfer of the ANDA will begin immediately and Elite expects to begin manufacture of the product later in the year.
"This acquisition continues our strategy of leveraging the manufacturing expertise of the company into products that can generate positive cash flow to support our research activities. We hope to be able to announce other such product acquisitions in the future," stated Elite Chairman and CEO Jerry Treppel.
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