BioSante Pharmaceuticals and ANI Pharmaceuticals announce merger

BioSante and ANI have announced a merger agreement and will form a new combined company.

BioSante Pharmaceuticals and ANI Pharmaceuticals are to form a combined company, with the two businesses merging in an all-stock transaction.

Upon completion of the merger, the newly formed combined company will be renamed ANI Pharmaceuticals and will be led by the existing ANI management team.

The new outfit will focus on the development, manufacturing and sale of specialty branded and generic pharmaceutical products.

Former ANI stockholders will own approximately 53 per cent of the combined company's shares, with former BioSante stockholders owning the remaining 47 per cent.

Arthur Przybyl, who will serve as president and chief executive officer of the combined company, said: "We believe that the strategic combination of our two companies will allow ANI to accelerate our growth strategy and create value for our stockholders with a well-capitalised balance sheet."

He claimed that BioSante's products, including its FDA-approved male testosterone gel, would generate "significant" future cash flow for ANI.

Stephen Simes, president and chief executive officer of BioSante, added that the company's board of directors had unanimously recommended the "compelling" merger with ANI.