OR WAIT null SECS
September 03, 2015.
UCB (Brussels, Belgium) has agreed to sell its U.S. specialty generics subsidiary, Kremers Urban Pharmaceuticals, to Lannett Company, Inc. (Philadelphia, PA).
UCB will receive upfront cash proceeds of US$ 1.23 billion upon closing. In addition, the company is eligible to receive contingent payments for methylphenidate HCI ER in the event that the product’s AB-rating is restored, allowing UCB to participate in potential upside in the product.
UCB reports that it plans to use the proceeds from this divestiture "to reduce indebtedness and increase the company's capacity for strategic investments, to further accelerate growth and/or to further strengthen its innovative medicines pipeline".