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Aceto buys $80M drug company

Aceto logo.

Aceto logo.

Aceto Corp., a Lake Success-based distributor of chemicals and generic drugs, will buy a New Jersey pharmaceutical company for $80 million.

Rising Pharmaceuticals Inc., of Allendale, N.J., makes and distributes generic and over-the-counter products, Aceto said in the Wednesday announcement.

After the purchase — which is expected to close by Dec. 31 — Rising's current management will continue to operate it as a unit of Aceto.

Aceto said the buyout includes about $5 million in working capital and 1 million shares of Aceto stock, with the remainder paid in cash.

Rising sells under its own label to wholesalers, chain pharmacies, distributors and mass market merchandisers. It also  "has a product development pipeline that includes multiple numbers of abbreviated new drug applications on file with the U.S. Food and Drug Administration," Aceto said.

Rising's calendar year 2010 net revenues are projected to be about $49 million.

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