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news.RxElite, a specialty pharmaceutical company that develops and markets generic prescription drug products, has sold all the issued and outstanding capital stock of RxElite Holdings, its wholly owned US subsidiary, to Piramal Healthcare for a cash consideration of approximately $4.2 million.
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In addition, approximately $3.2 million of outstanding indebtedness and accrued interest due to an affiliate of Piramal was assumed by RxElite Holdings and is no longer an obligation of RxElite.
A significant portion of the net proceeds from the sale will be used by the company to retire a portion of its long-term debt. The sale included RxElite Holdings’s current sales and marketing specialists, as well as key administrative personnel.
Earl Sullivan, RxElite’s CEO, said: “This is a positive step for the customers and employees related to the domestic distribution of anesthetic agents. The remaining RxElite team will continue to focus on growing our FineTech active pharmaceutical ingredients business and our pipeline of RxElite abbreviated new drug application filings.”