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news.Bionutrics has finalized a deal to buy Kirk Pharmaceuticals and its affiliate, Andapharm, for $12 million in a combination of cash and debt. Kirk is a Florida-based pharmaceutical company which manufactures OTC and generic prescription drugs.
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Dr Ronald Lane, Bionutrics’ chairman and CEO stated, “This acquisition is an important step in the commercialization of Bionutrics’ drug technology and further execution of our business plan.”
Dr Lane went on to make specific mention of Kirk’s growing product line, which the company hopes will yield an immediate source of profitable revenue, as well as Kirk’s “state of the art” infrastructure for the manufacturing of drugs.
The closing of the acquisition is subject to a number of undisclosed conditions; however Bionutrics has not yet secured the necessary revenue to complete the purchase, and is currently negotiating with third parties to obtain the financing required.