Anika Therapeutics Acquires Fidia Advanced Biopolymers
Anika Therapeutics, Inc. (Nasdaq: ANIK) has acquired Fidia Advanced Biopolymers, s.r.l. (“FAB”), a wholly-owned subsidiary of privately held Italian pharmaceutical company, Fidia Farmaceutici S.p.A. FAB provides hyaluronic acid-based (“HA”) products in several therapeutic areas including for the regeneration of connective and structural tissues damaged by injuries, aging or degenerative diseases. The Company also announced that it will develop its own direct U.S. sales capability to capture significantly higher margins from the domestic sales of MONOVISC(TM), its single-injection osteoarthritis treatment.
Anika purchased FAB in exchange for USD $17.1M in cash and 1,981,192 shares of its common stock. FAB recorded product revenue of approximately USD $11.1 million in the 12 months ended September 30, 2009. Anika anticipates that the acquisition will be accretive to earnings in the second year of combined operations.
FAB has approximately 50 employees at its headquarters in Abano Terme, Italy, which includes R&D and cell culture laboratories, as well as commercial and manufacturing operations.
Anika Press Release… http://ow.ly/129Gk