The transaction is expected to close in early June, 2015, subject to customary closing conditions. Strategic benefits of the acquisition include an FDA-approved manufacturing facility, research and development expertise and added diversity to Lannett’s portfolio of existing and pipeline products.
"We look forward to welcoming Silarx to the Lannett family," said Arthur Bedrosian, chief executive officer of Lannett.
"Upon closing, the acquisition will add a high quality, talented research team and manufacturing capacity. In addition, although the acquisition is not expected to have a significant impact on our financial results of operations during the next twelve months, Silarx brings an exciting pipeline and a number of complementary products to our offerings."
Bedrosian noted that Silarx has a long history of outstanding regulatory compliance. The company’s entire senior management team will remain with the combined company and no layoffs or facility closings are planned.
The boards of directors of both companies have unanimously approved the transaction.