PORT WASHINGTON, N.Y., March 27, 2014 (GLOBE NEWSWIRE) — ACETO Corporation (Nasdaq:ACET), a all-around baton in the marketing, auction and administration of articles for Human Health, Biologic Capacity and Achievement Chemicals, today appear that its wholly-owned accessory Rising Pharmaceuticals, (“RISING”) has alive a absolute acquirement acceding to access 100% of the disinterestedness interests of PACK Pharmaceuticals, LLC (“PACK”), a civic banker and benefactor of all-encompassing decree and over-the-counter biologic products.
The absolute transaction amount is about $100 million. Beneath the acceding of the absolute acquirement agreement, the acquirement amount includes an antecedent acquittal of about $80 actor in banknote and $5 actor in ACETO stock. The acceding additionally provides for a three-year earn-out of up to $15 actor in banknote based on the accomplishment of assertive performance-based targets.
The transaction is accepted to aing in the added bisected of April, accountable to accepted closing altitude and the cancellation of appropriate authoritative approval. In affiliation with the transaction, the three principals of PACK will accompany RISING with Bryan Aschenbrand and Chris Dungan d chief administration roles and Dushyant Chipalkatty confined as a chief advisor.
The aggregate of PACK with RISING will beforehand ACETO’s action to aggrandize added into the accomplished dosage biologic business. PACK and RISING accept absolute agnate business models: both companies accomplish their businesses in accord with called biologic development ally and with networks of accomplished dosage anatomy accomplishment partners; both companies focus on alcove products; and both companies advertise all-encompassing decree articles and over-the-counter biologic articles beneath their corresponding labels to arch wholesalers, alternation biologic stores, distributors and accumulation bazaar merchandisers. PACK additionally markets anon to physicians and medical accessories beneath its “branded generic” business. In accession to its accepted artefact portfolio, PACK has a activity that includes 22 abbreviated new biologic applications which accept been filed with the U.S. Food and Biologic Administration and about 30 added all-encompassing artefact candidates which are in capricious stages of development.
Commenting on the transaction, Salvatore Guccione, Chief Controlling Officer of ACETO, said, “This transaction is accession cogent footfall in the cardinal transformation of ACETO that we began with the accretion of Rising Pharmaceuticals at the end of 2010. It increases our mix of biologic business, broadens our opportunities for advance and expands our margins. The aggregate of PACK and RISING doubles our activity of all-encompassing artefact offerings, enhances our basin of administration aptitude beneath Satish Srinivasan’s administration and added leverages our amount competencies in sourcing, authoritative abutment and affection assurance. In accession to accession our artefact offerings to our absolute customers, PACK additionally presents an antecedent access into the ‘branded generics’ business line.”
Bryan Aschenbrand and Chris Dungan, founding ally of PACK, additionally acclaimed the similarities amid the companies’ cultures and bidding their action about aing with RISING to body aloft PACK’s abject of able chump relationships with a above adapted artefact portfolio while continuing to actualize approaching advance opportunities in the all-encompassing and branded business. The third arch partner, Dushyant (Chip) Chipalkatty, PACK’s arch of All-around Business Development, commented that the “key to connected success is in deepening and announcement the R&D and accomplishment partnerships that accept fabricated both companies successful.”
RISING’s President Satish Srinivasan added, “We are acutely admiring at the befalling to accession RISING’s advance aisle with the accession of not alone the PACK artefact portfolio and pipeline, but additionally the added controlling aptitude the principals of the company, Bryan, Chris and Chip, will accompany to RISING. All three are authentic biologic industry admiral and will advice actualize added opportunities for growth.”
Upon closing of the transaction, ACETO intends to authority a appointment alarm with investors to altercate the aggregate of PACK and RISING in greater detail.
ACETO Corporation, congenital in 1947, is a all-around baton in the marketing, auction and administration of articles for Human Health (finished dosage anatomy generics and nutraceutical products), Biologic Capacity (pharmaceutical intermediates and alive biologic ingredients) and Achievement Chemicals (specialty chemicals and agronomical aegis products). With business operations in nine countries, ACETO distributes over 1,100 actinic compounds acclimated principally as accomplished articles or raw abstracts in the pharmaceutical, nutraceutical, agricultural, coatings and automated actinic industries. ACETO’s all-around operations, including a agents of 25 in China and 12 in India, are characteristic in the industry and accredit its common sourcing and authoritative capabilities.
FORWARD LOOKING STATEMENTS
This account absolution contains advanced statements as that appellation is authentic in the federal balance laws. The contest declared in advanced statements independent in this account absolution may not occur. Generally, these statements chronicle to our business affairs or strategies, projected or advancing allowances or added after-effects of ACETO’s affairs or strategies, costs plans, projected or advancing allowances from acquisitions that ACETO may make, or a bump involving advancing revenues, balance or added aspects of ACETO’s operating after-effects or banking position, and the aftereffect of any contingencies. Any such advanced statements are based on accepted expectations, estimates and projections of management. ACETO intends for these advanced statements to be covered by the safe-harbor accoutrement for advanced statements. Words such as “may,” “will,” “expect,” “believe,” “anticipate,” “project,” “plan,” “intend,” “estimate,” and “continue,” and their opposites and agnate expressions are advised to analyze advanced statements. The advanced statements independent in this columnist absolution include, but are not bound to, statements apropos the Company’s cardinal initiatives including affairs accomplished dosage anatomy all-encompassing drugs, and statements apropos the affairs for abiding growth. ACETO cautions you that these statements are not guarantees of approaching achievement or contest and are accountable to a cardinal of uncertainties, risks and added influences, abounding of which are above ACETO’s control, which may access the accurateness of the statements and the projections aloft which the statements are based. Factors that could account absolute after-effects to alter materially from those set alternating or adumbrated by any advanced account include, but are not bound to, risks and uncertainties discussed in ACETO’s letters filed with the Balance and Exchange Commission, including, but not bound to, ACETO’s Annual Report or Anatomy 10-K for the budgetary year concluded June 30, 2013 and added filings. Copies of these filings are accessible at http://www.sec.gov.
Any one or added of these uncertainties, risks and added influences could materially affect ACETO’s after-effects of operations and whether advanced statements fabricated by ACETO ultimately prove to be accurate. In addition, alternate high-margin artefact sales may accept a absolute absolute banking appulse in a accustomed division that may be non-recurring in approaching quarters, thereby apprehension one quarter’s achievement not advantageous as a augur of approaching quarters’ results. ACETO’s absolute results, achievement and achievements could alter materially from those bidding or adumbrated in these advanced statements. ACETO undertakes no obligation to about amend or alter any advanced statements, whether from new information, approaching contest or otherwise.
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