Aceto buys NJ drug company

Aceto Corp., a Lake Success-based distributor of chemicals and generic drugs, has completed its purchase of a New Jersey pharmaceutical company, Aceto said Monday.

Aceto has said it would pay $80 million to acquire Rising Pharmaceuticals Inc. of Allendale, N.J.

Rising Pharmaceuticals makes and distributes generic and over-the-counter products.

After the purchase, 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 has said. Rising's calendar year 2010 net revenues were projected to be about $49 million.

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