Thursday, February 11, 2016

North Jersey firm acquires Quinnova Pharmaceuticals

Amneal Enterprises L.L.C. bought the Bucks County dermatology drug maker, which had raised a total of $31 million in venture capital since 2006.

North Jersey firm acquires Quinnova Pharmaceuticals

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We may not be seeing a rush of blockbuster acquisitions as 2010 draws to a close, but each December day seems to bring word of a small deal here and there.

On Monday, three transactions involved local companies. Just like some of those Christmas gifts you may have tossed into your shopping cart, they were missing price tags.

Quinnova Pharmaceuticals Inc., of Newtown, Bucks County, was acquired by a unit of Amneal Enterprises L.L.C., a Bridgewater, N.J., maker of generic and specialty pharmaceuticals.

Quinnova develops and sells prescription dermatology drugs, such as Neosalus. And it had attracted a total of $31 million from venture-capital firms in 2006 and 2009.

A privately held company founded in 2002, Amneal tends to keep its financials close to its medicine chest even as it shows a healthy appetite for acquisitions.

Amneal bought Akyma Pharmaceuticals L.L.C., a sales and distribution firm in Kentucky, in June 2007. No terms announced.

In June 2008, Amneal bought Interpharm Holdings Inc., of Hauppage, N.Y. While Amneal again didn’t say what it paid, documents filed by Interpharm with the Securities and Exchange Commission put the purchase price at $61.6 million in cash. The year before it was acquired, Interpharm’s annual sales were $75.6 million.

As for Quinnova, we may yet learn how much Amneal paid because one of Quinnova’s outside investors is publicly held. Wayne-based Safeguard Scientifics Inc. owns 25.7 percent of Quinnova, having invested $5.7 million since October 2009.

In Monday’s second deal, CDI Corp., a Philadelphia supplier of technical and engineering staffing, acquired DSPCon Inc., a software firm in Bridgewater, N.J. Like Amneal, CDI did not disclose the terms of its latest purchase in the press release, only that DSPCon had 40 employees working on aerospace systems.

Finally, Wolters Kluwer Health, the huge Center City-based medical publisher, completed its purchase of Pharmacy OneSource Inc., a Bellevue, Wash., developer of software used in about 1,200 hospitals.

Let’s sing the chorus: Terms were not disclosed.

Inquirer Columnist
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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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