ANI Pharma and IDT Australia partner on generics for US market

USA-based generic drugmaker ANI Pharmaceuticals (Nasdaq: ANIP) has completed an agreement with IDT Australia (ASX: IDT) to commercialize up to 18 previously-marketed US generic drug products. The news pushed IDT’s shares up 12.7% to A$0.31.

ANI paid IDT $1.0 million for exclusive rights to commercialize the products in the North American market. ANI will share in a percentage of net profits upon commercialization, which percentage was not disclosed. The total current annual US market for these products is $538 million on a trailing 12 month basis, according to IMS Health data quoted by the company. IDT anticipates filing a CBE-30 (Changes Being Effected) for the first product in the fourth quarter of 2015.

Arthur Przybyl, president and chief executive of ANI Pharmaceuticals, stated: "This partnership represents a substantial opportunity for ANI to further expand our marketed generic product portfolio. We are excited to establish this relationship with a high quality global generic manufacturer such as IDT."