Andrx Acquires Valmed Pharmaceutical, Inc.Business Editors/Health & Medical Writers FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--March 16, 2000 ANDRX CORPORATION (Nasdaq:ADRX ADRX Andrx Corporation (stock symbol) ) today announced that it closed on the acquisition of Valmed Pharmaceutical, Inc., a privately owned distributor of generic pharmaceuticals based in Grand Island, New York Grand Island is a town and an island in Erie County, New York, USA. As of the 2000 census, the town population was 18,621. The current town name derives from the French name "La Grande Isle," as Grand Island is the largest island in the Niagara River. . Andrx acquired Valmed for approximately $14,800,000 in cash. Valmed recorded distribution revenues of approximately $40 million for the year ended December 31, 1999 and was profitable. As previously announced, the acquisition is expected to have a modest accretive effect on Andrx' future financial results. Andrx is engaged in the formulation and commercialization of oral controlled-release pharmaceuticals utilizing its proprietary drug delivery technologies. In its ANDA ANDA abbr. abbreviated new drug application program, the Company is developing generic versions of selected high sales volume controlled-release brand name pharmaceuticals. In its NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any program, the Company is developing its own brand name formulations of certain existing drugs that it believes may be improved by the application of the Company's drug delivery technologies. The Company also markets and distributes pharmaceutical products manufactured by third parties and, through its Cybear, Inc. subsidiary is developing internet-based software and applications for the healthcare industry. Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion