Fera Pharmaceutical sells assets to refocus
A Locust Valley pharmaceutical company plans to refocus its business after selling nearly all of its assets.
Fera Pharmaceutical, which acquires, develops and markets prescription eye-care medication, sold nine out of the 10 products in its portfolio in a $93-million cash transaction to Allegan, Mich.-based Perrigo Co., the two businesses announced Monday.
Fera co-founder Frank DellaFera said in an email Tuesday that the company has reached a "milestone" through the sale and will now "explore other acquisition candidates in other specialty pharmaceutical markets such as hospital-based therapies, as well as generic alternatives to niche brands."
Perrigo, a publicly traded company with a stock market value of about $11.4 billion, could pay an additional $36 million to Fera if it acquires more product rights, Perrigo said in a news release. Fera was founded in 2009 after it acquired the rights to seven eye-care ointments. It employs 35 people, 12 of whom work out of its Long Island headquarters.
'It's personal to me' The law would require businesses to have proper state licensing, prove that their employees are paid and ban staff from living at the spas or sleeping there overnight. Repeat offenders could face penalties up to $25,000. NewsdayTV's Shari Einhorn has more.
'It's personal to me' The law would require businesses to have proper state licensing, prove that their employees are paid and ban staff from living at the spas or sleeping there overnight. Repeat offenders could face penalties up to $25,000. NewsdayTV's Shari Einhorn has more.
