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news.Hi-Tech Pharmacal has sold the rights to Naprelan extended release tablets to Victory Pharma. Hi-Tech will receive approximately $6 million from the sale.
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In January, Hi-Tech Pharmacal said that it had entered into an agreement with Victory to market and distribute Naprelan extended release tablets, with the ultimate goal of selling the non-steroidal anti inflammatory drug. Hi-Tech owned the product with partner Stat-Trade.
David Seltzer, president and CEO of Hi-Tech, said: “The sale of the asset will enable Hi-Tech to focus on our core businesses, generic prescription pharmaceuticals and branded OTC products. Proceeds from the sale of Naprelan will be invested in these areas, and will result in the long-term growth of the company.”