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news.Generic drug maker RxElite has reported its acquisition of the business and assets of FineTech Laboratories of Israel for $6.2 million in cash and 18.6 million shares of RxElite common stock.
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RxElite has acquired the physical facilities, the intellectual property and patents of FineTech and has retained all FineTech employees. FineTech’s scientists conduct proprietary R&D and manufacture complex active pharmaceutical ingredients (API) at the company’s manufacturing facility in Israel.
FineTech will operate as a separate division, through a wholly owned subsidiary of RxElite, and will provide immediate chemical synthesis, API development capabilities and strategic opportunities to RxElite. FineTech will continue to actively work with current outside customers and to pursue development of new customer relationships for their services, said RxElite.