Imprimis Pharmaceuticals Inc. (Nasdaq: IMMY), a San Diego-based specialty pharmaceutical company focused on the development and commercialization of proprietary and novel sterile and topical drug formulations, has come to an agreement to acquire Pharmacy Creations LLC, a compounding pharmacy located in Randolph, N.J.
This acquisition would permit the company to make and distribute its patent-pending proprietary drug formulations and other novel pharmaceutical solutions.
Imprimis Pharmaceuticals and the team at Pharmacy Creations have been working together since last summer when the company became aware of and subsequently acquired the intellectual property for its suite of ophthalmic formulations from Pharmacy Creations' co-founders, Scott Karolchyk and Bernard Covalesky.
"We believe this acquisition represents a critical stepping stone toward achieving our vision of building a national footprint able to deliver our proprietary and other novel formulations to Americans. Even more than the physical Pharmacy Creations facility, we are ecstatic to have their incredibly skilled and knowledgeable employees join the Imprimis Team," said Imprimis CEO Mark L. Baum. "After extensive diligence, we believe the acquisition of Pharmacy Creations will support our mission to solve unmet patient needs through the development and commercialization of proprietary and novel sterile drug formulations. Importantly, this transaction will also bring new and exciting intellectual property assets to Imprimis that we expect to add value to our business, particularly in ophthalmology."
Pharmacy Creations was established nearly 15 years ago and achieves multimillion dollar annual revenues, according to a press release.
This transaction is expected to close on or before March 31, subject to the satisfaction of certain customary closing conditions.