Hi-Tech sells Naprelan ER rights to Victory Pharma

New York State, USA-based Hi-Tech Pharmacal has entered into an agreement with Victory Pharma to market and distribute Naprelan (naproxen) extended release tablets, with the ultimate goal of selling the asset. Effective April 30, the company sold its rights to the Naprelan brand to Victory. Hi-Tech owned the product with Stat-Trade, its partner on Naprelan, and will receive around $6.0 million from the sale.

Commenting on the agreement, David Seltzer, chief executive of Hi-Tech, said: "we are very pleased with the Naprelan transaction since we were able to increase the value of the brand and sell it for a substantial profit in less than three years. The sale of the asset will enable Hi-Tech to focus on our core businesses, generic prescription pharmaceuticals and branded over-the-counter products. Proceeds from the sale of Naprelan will be invested in these areas, and will result in the long-term growth of the company."

Hi-Tech says it specializes in difficult to manufacture liquid and semi-solid dosage forms and produces a range of sterile ophthalmic, otic and inhalation products.