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1 Mar 2013

Pernix Therapeutics completes Cypress and Hawthorn acquisition

Pernix Therapeutics has increased its product portfolio through the acquisition of Cypress Pharmaceuticals and Hawthorn Pharmaceuticals.

Pernix Therapeutics, a specialty pharmaceutical company headquartered in Texas, US, has completed its acquisition of Cypress Pharmaceuticals and Hawthorn Pharmaceuticals.

The company will pay up to $102 million for the businesses, including a $52 million upfront cash payment, $34 million in equity at closing, an $11 million payment in December 2013 and a further $5 million milestone payment.

As a result of the transaction, Pernix will benefit from a greatly enhanced product portfolio, with Cypress specialising in generic pharmaceuticals and Hawthorn in branded products.

Furthermore, the company will reap the benefits of Cypress and Hawthorn's expertise in clinical development and regulatory submissions.

Cooper Collins, president and chief executive officer of Pernix, said: "We believe the acquisition of Cypress and Hawthorn are an excellent fit for Pernix, and will serve as a key driver for the company's future growth."

He added that the company plans to integrate Hawthorn's branded business and Cypress' generic products "rapidly" in order to capitalise on "the synergies of the combined companies".

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