Dynagen to acquire tablet business of Able Laboratories from Alpharma.CAMBRIDGE, Mass.--(BUSINESS WIRE)--Aug. 12, 1996--DynaGen Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DYGN; BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). :DYG) today announced that it has signed a definitive purchase agreement to acquire the tablet business of Able Laboratories Inc., a generic pharmaceutical products subsidiary of ALPHARMA INC. (NYSE NYSE See: New York Stock Exchange :ALO). Able Laboratories Inc., established in 1984, was acquired by ALPHARMA in 1992. ALPHARMA is a multi-national pharmaceutical company engaged in developing, manufacturing and marketing specialty generic and proprietary pharmaceutical products. Its Able subsidiary manufactures and markets both prescription and over-the-counter pharmaceuticals. Able hsa 46,000 sq. ft. of manufacturing facility in South Plainfield, N.J. with 45 employees manufacturing 13 different formulations. The closing of the acquisition is contingent upon obtaining necessary approvals and consents. "This acquisition represents the first step in our strategy to create a multi-source and specialty pharmaceutical division within DynaGen through a combination of acquisition and internal product development," said Dr. Indu Muni, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of DynaGen Inc. "The newly appointed Able management is experienced in the multi-source products industry and is developing plans to broaden Able's current product line by reintroducing products which have been discontinued under ALPHARMA." DynaGen will obtain the rights to ten approved Abbreviated New Drug Application abbreviated new drug application Pharmacology An application made in the US by a pharmaceutical company requesting authority to market a 'new' drug for which both its therapeutic indications and formulation were previously approved by the FDA in another similar (ANDA ANDA abbr. abbreviated new drug application ) products through this purchase. DynaGen has also initiated a development program to add new ANDA products to the Able portfolio of products in the future. DynaGen Inc., founded in 1988, is a medical products company in Cambridge, Mass. DynaGen is developing NicErase sublingual sublingual /sub·lin·gual/ (-ling´gwal) hypoglossal; beneath the tongue. sub·lin·gual adj. Abbr. SL Below or beneath the tongue; hypoglossal. lobeline sulfate for smoking cessation. NicCheck for immediate assessment of smoking status, and OrthoDyn polymers for bone repair. Any statements which are not historical facts contained in this press release are forward-looking statements that involve risks and uncertainties including, but not limited to, those relating to DynaGen's ability to successfully integrate and operate the assets of Able Laboratories Inc., and other risks identified in the company's Securities and Exchange Commission filings. CONTACT: Martin E. Janis & Co. Inc. Jim Janis, 312/943-1100 or DynaGen Inc. Investor Relations, 617/491-2527 |
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