ANIP stock had a great Friday morning that saw shares rise as much as 30% before coming back down after making a major acquisition.
ANI Pharmaceuticals (ANIP) announced on Friday that it had acquired 31 generic drugs from Teva Pharmaceuticals (TEVA). ANIP shareholders were very pleased with the purchase as company stock is up 20% and it went up as much as 30% earlier today.
With 7 drugs currently in the market, ANI Pharmaceuticals’ purchase will help it expand its portfolio. The company is paying Teva $12.5 million in cash for the drugs as well as a percentage from gross profits. The company expects to release these medications in the fourth quarter of 2014.