Breckenridge Enters Into Agreement to Acquire Certain Cypress Assets from Pernix Therapeutics

BOCA RATON, Fla., Aug. 9, 2013 /PRNewswire/ -- Breckenridge Pharmaceutical, Inc. announced today that it has entered into an agreement to acquire from Pernix Therapeutics, certain assets from its subsidiary, Cypress Pharmaceuticals, for $30 million.  The assets include 11 Abbreviated New Drug Applications (ANDAs) filed with the FDA, certain ANDAs in various stages of development, as well as 7 previously marketed products. In addition to solid-oral products, the assets include various unique dosage forms, such as ophthalmic, nasal spray, oral solution, syrup, and powder products. Breckenridge will continue to market the approved products and to prosecute those ANDAs currently filed and pending with FDA.  "Breckenridge sees this acquisition as an opportunity to expand our current portfolio, as well as our R&D pipeline.  The Cypress assets are a natural fit to and complement the Breckenridge portfolio," stated Larry Lapila, Executive Vice President of Breckenridge Pharmaceutical, Inc.  The closing is expected to occur by mid-September 2013.

About Breckenridge:
Breckenridge Pharmaceutical, Inc. is a privately-held pharmaceutical marketing, research and development company founded in 1983 that markets a broad range of generic prescription products in many therapeutic categories.  The Breckenridge label is recognized by Wholesalers, Distributors, Chains, and Managed Care Accounts, as well as Retail Pharmacies nationwide.  The company markets over 70 products in a variety of dosage forms including:  Tablets, Capsules, Soft Gel Capsules, Liquids, Suspensions, and Powders.  www.bpirx.com

SOURCE Breckenridge Pharmaceutical, Inc.