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Pernix Therapeutics, Inc. (PTX) Completes Acquisition of Cypress Pharmaceutical and Hawthorn Pharmaceuticals, Inc.


1/2/2013 9:38:34 AM

THE WOODLANDS, Texas--(BUSINESS WIRE)--Pernix Therapeutics Holdings, Inc. (“Pernix” or the “Company”) (NYSE MKT: PTX), a specialty pharmaceutical company, today announced that it has completed the acquisition of Cypress Pharmaceuticals, Inc. (“Cypress”), a privately-owned generic pharmaceutical company, and Hawthorn Pharmaceuticals, Inc. (“Hawthorn”), a privately-owned branded pharmaceutical company. Under the terms of the definitive agreement announced on November 14, 2012 and as amended on December 28, 2012, Pernix will pay up to $102 million, including an up-front payment of $52.0 million in cash and $34.0 million in equity (approximately 4.4 million shares of the Company’s common stock) at closing as well as up to $11 million payable in December 2013 and an additional $5 million in a milestone payment.

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