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GEN News Highlights : Sep 28, 2006

Inyx to Acquire Pharmapac in Deal Valued at Over $17M

Enhanced service of pan-European pharmaceutical industry envisioned.
Inyx Pharma executed a definitive agreement to acquire Pharmapac, a contract pharmaceutical production and packaging provider in the U.K. The acquisition is expected to be completed by November 14, 2006. The purchase price is approximately $17 million in cash at closing plus $2.9 million in cash if certain milestones are met in 2007 and 2008.

“This is another strategic acquisition for Inyx. Pharmapac is highly profitable and a strong cash generator and it has a network of complementary distribution and packaging customers,” says Jack Kachkar, M.D., chairman and CEO of Inyx.

“The addition of Pharmapac’s dedicated packaging facility will enable Inyx to provide a dynamic secondary-packaging resource for a wide range of dosage forms needed to serve high-demand respiratory, allergy, dermatology, and topical product sectors. Pharmapac increases Inyx’ capabilities to provide innovative packaging designs for new formulations and drug delivery systems being utilized today by our clients, as well as by Inyx.”