ANI Pharmaceuticals Inc. (NASDAQ:ANIP) announced today that they will be commercially releasing 50 mg and 150 mg generic versions of Lipofen under their label. Early this year, this plan was already announced by the company when they acquired the rights to distribute fenofibrate from H2-Pharma, LLC.
According to Arthur S. Przybyl, ANI’s President and CEO, they are pleased that they were able to transition the fenofibrate authorized generic to the ANI label according to the planned schedule. Just last year, the authorized generic raised $21.9 million in profit. ANI will keep 7.5% of net profits from the sale of the authorized Lipofen® generic.
Lipofen is a (PPARα) – peroxisome proliferator receptor alpha and is used for the treatment of severe hypertriglyceridemia in adults. It is taken as an adjunct to diet to lower elevated LDL cholesterol, total cholesterol, triglycerides and apolipoprotein B. It is also taken by patients with primary hypercholesterolemia or mixed dyslipidemia to increase HDL cholesterol.
H2-Pharma LLC, the company from which ANI acquired the authorized generic of Lipofen, is a private company that mainly focused on generic pharmaceuticals. Together with the acquisition of the distribution rights of the fenofibrate capsules, ANI was also to acquire the exclusive distribution rights of their 1% and 2.5% hydrocortisone cream for rectal use.
Additionally, a generic injectable product in its early stages of development was also acquired. However, both companies did not disclose the nature of the product. The 1% and 2.5% rectal hydrocortisone creams raised a combined profit of $73 million in 2015. Both products were previously announced to be transitioned under the ANI label by the second quarter of 2016.
ANI’s 1st quarter earnings were released last May 5. Earnings were reported to be at $0.76 per share. This is higher by $0.12 than the estimated $0.64. However, company earnings were a bit lower at $20.60 million than the projected $21.03 million. Revenue for the same period last year is higher by 9.6%.
During the last trading session, ANI stocks decreased by 2.30% or $1.07 and is now at $45.42. Since October 1, 2015, ANI stocks have risen by 7.79% and are up trending.