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Aceto acquires generic products, assets of Citron Pharma, Lucid Pharma

Aceto Corp., through its unit Rising Pharmaceuticals, completed the acquisition of generic products and related assets of Citron Pharma LLC and its affiliate Lucid Pharma LLC.

The company made the acquisition for a total consideration, before any potential earnout payments, of about $429 million, or $349 million, net of roughly $80 million of expected tax benefits.

At closing, Aceto paid the sellers $270 million in cash. It also committed to making a $50 million unsecured deferred payment to the sellers on Dec. 21, 2021, and issue 5.122 million common shares starting Dec. 21, 2019.

The product purchase agreement also provides for a five-year potential earnout of up to an additional $50 million in cash, based on the financial performance of four prespecified pipeline products currently in development.

Aceto funded the closing cash portion of the deal via a combination of a $115 million drawdown on its new five-year $225 million revolving credit facility, a new five-year $150 million term loan and the balance from cash on hand.

Wells Fargo Securities LLC served as the exclusive financial adviser to Aceto and along with J.P. Morgan Chase Bank NA led the debt financing for the deal's cash consideration. Lowenstein Sandler LLP served as legal adviser to Aceto.

J.P. Morgan Securities LLC served as the exclusive financial adviser to Citron Pharma and Lucid Pharma, while Reed Smith LLP served as their legal adviser.

Citron Pharma is a pharmaceutical company focused on developing and marketing generic pharmaceutical products.