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news.Andrx Corporation has entered into agreements with First Horizon Pharmaceutical Corporation for the sale and licensing of certain rights to its Fortamet and Altoprev branded pharmaceutical products.
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Fortamet (metformin HCl), a treatment for type 2 diabetes, and Atroprev (lovastatin), a cholesterol-managing medicine, are both part of Andrx’ branded products division. First Horizon has agreed to pay Andrx $50 million at closing for the two products, and up to $35 million when Andrx achieves and maintains certain manufacturing service levels.
Andrx is entitled to royalties on net sales of both products and the companies have also entered into a long-term manufacturing and supply arrangement.
Andrx announced in January that it will dispose of its business of selling and marketing brand products, in order to focus on its development and distribution of controlled-release pharmaceuticals formulations.
The closing of the transaction, which is subject to certain customary conditions, is expected to occur within the next 30 to 60 days. After closing occurs, Andrx has agreed to provide certain transition services to First Horizon for a period of time.