Boston, MA 04/17/2014 (wallstreetpr) – Emerging pharmaceutical company, ANI Pharmaceuticals Inc. (NASDAQ:ANIP), recently announced the extension of a fee for service product development agreement with Sterling Pharmaceutical Services. The generic drug product that will form basis of the agreement has not yet been disclosed.
Terms of the agreement involve Sterling Pharmaceuticals developing undisclosed drug and then transferring it to ANI for, manufacture commercialization and marketing purposes. The two companies are also hoping to expand their partnership to other projects in the near future.
ANI Closes its Public Offering Stock
ANI Pharmaceuticals Inc. (NASDAQ:ANIP) recently closed its announced public offering of its 1,612,903 shares at a share price of $31. Through the offering, the company raised a total of $50 million with the offering being inclusive of a total of 210,378 shares of its common stock, sold through the over allotment option granted by underwriters.
Net proceed from the offering are expected to be approximately $46.8 million after the deduction of underwriters expenses and commissions. Oppenheimer & Co Inc. and Roth Capitals had been chosen as joint book running managers for the offering
Proceeds from the offering will be used to accelerate the company’s growth through acquisitions and to further its product line. ANI currently boosts of 44 product lines that are under different stages of development with an estimated combined market value of $1.7 billion per IMS health.
ANI Growth Metrics
The company stock continues to make impressive strides of growth in the market having surged over the past weeks to command a strong buy rating from equity research firm. Investors continue to take note of the company’s stock seen by recent revision of strong ratings in the market.
Recent blip in the market has not overshadowed the bullish strength that the stock commands with majority of analysts at Wall Street. Most of this, has to do with solid results for the fourth quarter and full year that the company reported RECENTLY.
ANI Pharmaceuticals Inc. (NASDAQ:ANIP) has already clocked record revenues of 10.5 million with its fourth quarter earnings an amount that represented a 98% growth. 2013 was a stellar year for the emerging pharmaceutical company as it went public through a merger. The year also saw ANI acquire a total of 31 products from Teva Pharmaceutical.
