NEW YORK (AP) -- Shares of ANI Pharmaceuticals spiked 30 percent Friday after announcing that it had acquired 31 generic drugs from Teva Pharmaceuticals in a significant expansion of its portfolio.
The Baudette, Minn., company currently has 7 drugs on the market.
ANI is paying Teva $12.5 million in cash and a percentage of gross profits from sales of the drugs. It will begin the transfer of production to its own manufacturing facilities immediately and expects to begin rolling out those medications in the fourth quarter of 2014, the company said late Thursday.
Shares jumped $5.98 to $23 at the opening bell, a new high for the year.
ANI Pharmaceuticals Inc. had $11.7 million in revenue in the first half of 2013.
Teva Pharmaceutical Industries Ltd. is based in Israel, and it is the world's largest maker of generic drugs. It also sells other products including the multiple sclerosis treatment Copaxone and Provigil, which treats tiredness caused by narcolepsy, obstructive sleep apnea, and changes in work schedule. Teva shares closed at $39.71 Thursday.