Pernix Therapeutics To Divest Pernix Manufacturing To Woodfield Pharma

(RTTNews) - Pernix Therapeutics Holdings Inc. (PTX) announced that it agreed to divest its Houston, TX-based manufacturing operations, Pernix Manufacturing, LLC or PML to Woodfield Pharmaceutical LLC.

Woodfield will acquire the entire PML operation and will assume the mortgage associated with the facility. Pernix expects to receive about $1.2 million in net proceeds at closing and realize about $5.0 million in annualized cost savings from the divestiture.

As part of the agreement, Woodfield will continue to manufacture the existing Pernix products under a long-term supply agreement.

Pernix anticipates a closing of April 15, 2014. Closing of the transaction is subject to standard closing conditions and deliveries.

In addition, closing on the sale of certain of the real estate assets may extend beyond the anticipated closing date.