Canada's AlphaRx has signed a letter of intent to acquire a privately-held US pharmaceutical company, which has not been named, that manufactures over 200 vitamin and mineral supplements. Financials details of the deal, which is expected to close later this month, were not disclosed.
Michael Lee, AlphaRx' president, said that the acquisition supports the firm's strategy on focusing on revenue growth, profit generation and operational improvements. He added that the purchase "expedites the commercialization of our drug delivery technologies in the USA, as well as opening new business opportunities internationally."
AlphaRx, which develops novel formulations of drugs that are insoluble in water, aims to to expand through strategic acquisitions, as "we believe this is the fastest way to introduce our drug-delivery products to the worldwide market place," Mr Lee concluded.
Source: Marketletter -- 04-01-02