IGI Laboratories to acquire assets of Alveda Pharma

IGI Laboratories (NYSE MKT: IG), a New Jersey, USA-based specialty generic pharmaceutical company, has entered into an agreement to acquire the assets of Alveda Pharmaceuticals, for C$47 million ($60.6 million) in cash.

Alveda is a Canadian generic pharmaceutical company focused on providing the Canadian health care system with essential injectable pharmaceutical products. Products are supplied through Alveda's long-term partnerships with reputable European contract manufacturing organizations. Alveda currently markets 17 molecules in the Canadian market through its 36 injectables and is the market leader in Canada for most of the products in the Alveda catalogue. Alveda has projected net sales of around C$16.0 million ($20.6 million) for their fiscal year ended September 30, 2015.

Earlier this month, IGI acquired three currently marketed injectable products from privately-held US biotech firm Concordia Pharmaceuticals for $10 million in cash (The Pharma Letter October 6).