Supplier News Breaks Archives
Hi-Tech Pharmacal sells off Midlothian Labs
May 11th, 2011
AMITYVILLE, N.Y. – Hi-Tech Pharmacal Co. has sold its Midlothian Laboratories division to Metrics Inc., a drug development company in North Carolina.
Terms of the transaction weren't disclosed. Hi-Tech said late Tuesday that with the cash deal, it retained marketing and distribution rights to generic buprenorphine sublingual tablets, an abbreviated new drug application (ANDA) that is filed with the Food and Drug Administration, an ANDA that is in development and a royalty stream from products previously divested.
"The divestiture of Midlothian Laboratories enables us to focus management's time and attention on approved products within our generics business," David Seltzer, president and chief executive officer of Hi-Tech Pharmacal, said in a statement. "I extend our thanks to the employees of Midlothian Laboratories for the contribution they made to Hi-Tech Pharmacal."
Montgomery, Ala.-based Midlothian focuses on providing niche generic drugs to the U.S. pharmaceutical market. It was acquired by Hi-Tech Pharmacal in December 2007.
Hi-Tech Pharmacal reported that it currently has 11 products awaiting FDA approval, targeting brand and generic sales of about $1 billion. The company said it also has 20 products in active development targeting brand sales of over $4 billion, including sterile ophthalmic products, oral solutions and suspensions, and nasal sprays.