Generics maker IGI Laboratories acquires 18 AstraZeneca drugs

New Jersey-based specialty generic company IGI Laboratories (NYSE MKT: IG) has acquired regulatory rights, related documents and records for 18 of Anglo-Swedish drug major AstraZeneca (LSE: AZN), 17 of which were marketed.

The 18 products include 17 injectables and 1 suppository, and all of them have been previously approved by the US Food and Drug Administration as Abbreviated New Drug Applications or new drug applications prior to their discontinuation or withdrawal from the market.

Jason Grenfell-Gardner, president and chief executive of IGI Laboratories, said: "This acquisition begins the next critical phase of our growth strategy, and will enable us to expand our existing generic topical pharmaceutical platform to now include injectable products. Expanding our development and commercial focus to include injectable pharmaceutical products will leverage our existing expertise and capabilities, and broaden our platform for sustainable growth. Almost half of the products we acquired are currently listed on the US FDA shortage list, and we look forward to working closely with the US FDA to return these products to the market as soon as possible."