Aceto plans $200M stock offering for deals, investments

Aceto Corp. hopes to raise up to $200 million through a stock offering, according to securities documents.

The Port Washington-based manufacturer of drugs and chemicals plans to use proceeds from the stock sale "to expand our business through potential acquisitions and investments in other internal and external growth opportunities," chief executive Sal Guccione said last week.

Aceto's 29.5 million shares are listed on the Nasdaq Market under the symbol ACET.

The company had a market capitalization of $877 million as of Monday's stock market close, when its shares rose $1.05, or 3.5 percent, to $30.92.

Aceto has long supplied ingredients to drug and vitamin manufacturers. But in recent years the company has greatly expanded its finished drug offerings through its Rising Pharmaceuticals subsidiary.

Drugs now account for more than 40 percent of Aceto's annual sales.

Earlier this month, the company introduced tablets for the treatment of peptic ulcers and hyperthyroidism. The tablets were purchased as part of a merger of two unrelated drugmakers.

Aceto last year bought Illinois-based PACK Pharmaceuticals and combined its operations with those of Rising.

The company reported a profit of $33.5 million for the 2015 fiscal year, which ended June 30.

That represented a 15.5 percent increase over 2014.

Sales for the year rose 7 percent to $547 million.