Akorn in up to $58 million deal to acquire certain assets of India's Kilitch Drugs and NBZ Pharma
US niche generics maker Akorn (Nasdaq: AKRX) has entered into an agreement to acquire certain assets of Kilitch Drugs (KDIL), a contract manufacturer of sterile injectables in India, as well as certain assets of NBZ Pharma, for around $52 million in cash and future contingent payments totaling up to about $6 million based on the achievement of certain milestones and financial targets.
The target assets consist of KDIL's plant in Paonta Sahib in Himachal Pradesh, India, along with the associated contract manufacturing and international business, and certain product transfers from KDIL's Navi Mumbai plant and NBZ Pharma. The acquisition is expected to close after receiving local regulatory approvals as well as meeting certain customary conditions and consents in the next 90 days or so. The deal is expected to be accretive to 2012 earnings per share before the impact of transaction-related expenses.
Acquisition details
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