BAUDETTE, Minn., Jan. 6, 2014 /PRNewswire/ -- ANI Pharmaceuticals, Inc. (NASDAQ: ANIP), an emerging generic pharmaceutical company, today announced that it has entered into a fee-for-service development agreement for a generic drug product with Sterling Pharmaceutical Services ("Sterling.") The product will be developed by Sterling and transferred into ANI's facilities for commercial manufacture and marketing. The current annual market for this product is $60 million dollars, according to IMS Health.
Arthur S. Przybyl, ANI's President and CEO, stated, "We are pleased to have entered into this initial collaboration with such a high quality partner as Sterling. We hope to place additional projects with Sterling in the future."
Robert Flynn, President of Sterling Pharmaceutical Services, stated, "We are excited about the new relationship formed with ANI. This will allow both parties to utilize their expertise for the benefit of our respective companies and the consumer."
About ANIANI is an integrated specialty pharmaceutical company developing, manufacturing, and marketing branded and generic prescription pharmaceuticals. In two facilities with combined manufacturing, packaging and laboratory capacity totaling 173,000 square feet, ANI manufactures oral solid dose products, as well as liquids and topicals, including narcotics and those that must be manufactured in a fully contained environment due to their potency and/or toxicity. ANI also performs contract manufacturing for other pharmaceutical companies. ANI's targeted areas of product development include narcotics, anti-cancers and hormones (potent compounds), and extended release niche generic product opportunities. For more information please visit our website www.anipharmaceuticals.com. About Sterling Sterling Pharmaceutical Services is a development and manufacturing company which has been serving the industry for over 8 years, specializing in solid and liquid oral delivery systems. With a combined 100+ years of industry expertise, Sterling Pharmaceutical Services specializes in formulation development, technology transfer, scale-up, and commercial manufacturing. Sterling's facilities are equipped to handle tablets, capsules, liquids and aseptic filling with applications in immediate release, modified release, as well as extended release drug therapies.