Impax Laboratories, Inc. (NASDAQ: IPXL) today announced that it has sold its U.S. rights to the Daraprim brand to Turing Pharmaceuticals AG for approximately $55 million.
Impax acquired Daraprim as part of the Company's acquisition of Tower Holdings, Inc. (including operating subsidiaries CorePharma LLC and Amedra Pharmaceuticals LLC), and Lineage Therapeutics Inc. (together "Tower") which was completed on March 9, 2015.
Fred Wilkinson, President and Chief Executive Officer of Impax stated, "This transaction makes sense for both parties. Daraprim will enhance Turing's product portfolio and help them establish relationships with prescribers. Impax benefits by receiving value for a non-core asset and recovers almost 8% of the $700 million acquisition price for Tower. The proceeds provide us with additional financial resources to pursue strategic growth opportunities."
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