FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / News / Read News

Print

MidCap to Provide $60 Credit Million Facility to Support Pernix Therpeutics Acquisitions

November 15, 2012, 07:49 AM

Pernix Therapeutics Holdings has agreed to acquire Cypress Pharmaceuticals Inc., a privately-owned generic pharmaceutical company, and Hawthorn Pharmaceuticals Inc., a privately-held branded pharmaceutical company.

Under the terms, Pernix will pay about $101 million, which includes an up-front payment of $68.5 million in cash and $12.5 million in equity, $10 million payable in December 2013, and an additional $10 million in milestone payments. The company has received a commitment of a $60 million credit facility. MidCap Financial will serve as sole bookrunner, administrative agent and joint lead arranger.

Cypress and Hawthorn, founded in 1993, are headquartered in Madison, MS and have 170 employees, including 115 sales reps. In 2012, revenues for Cypress and Hawthorn are expected to be about $50 million, consisting of about 54% generic products and 46% branded products.

Hawthorn offers a wide array of branded pharmaceutical products, including allergy, respiratory, iron deficiency, nephrology and pain management. Cypress offers a broad range of generic pharmaceutical products in the areas of cough and cold, nutritional supplements, analgesics, urinary tract, women's health, pre-natal vitamins and dental health.





Week's News



Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.