Aceto Corp. said Monday that it has purchased the rights to three generic drugs from another drugmaker for an undisclosed amount.
The Port Washington-based manufacturer of drugs and chemicals will now produce tablets used to treat hyperthyroidism, peptic ulcers and motion sickness. Together, the three medicines have annual sales of $70.3 million among all producers.
The tablet drugs were sold to Aceto by Endo International PLC of Dublin as part of a required divestiture tied to a merger.
Aceto chief executive Sal Guccione said the new drugs would bolster its Rising Pharmaceuticals division.
"This transaction also demonstrates Rising's recognition by regulatory authorities as a viable participant in the acquisition of products being divested as a result of ongoing M&A [mergers and acquisitions] activities in our industry," he said.
The announcement was made before Monday's stock market opening. Aceto shares closed down $1.06, or about 4 percent, to $27.44 on the Nasdaq Market.
Earlier this month, Aceto acquired three generic drugs used to treat eye infections from Nexus Pharmaceuticals. Aceto had been selling the eye medicine since June 2008 under license from Illinois-based Nexus.
Aceto's aggressive expansion into the manufacture of drugs has boosted its profit and sales.
The company reported a profit of $13.6 million for the three months ended June 30. That was a 145.5 percent increase year over year.
Sales in the quarter rose 5 percent from the same period in 2014 to about $147 million.