BRIDGEWATER, N.J., Aug. 30, 2021 (GLOBE NEWSWIRE) -- Osmotica Pharmaceuticals plc (Nasdaq: OSMT) (“Osmotica” or the “Company”), a specialty pharmaceutical company, today announced that it has closed the previously announced sale of its legacy business, including certain of the Company’s US subsidiaries dedicated to the legacy business (Osmotica Pharmaceutical US LLC, Vertical Pharmaceuticals, LLC, Trigen Laboratories, LLC) and its Marietta, Georgia, manufacturing facility, to Alora Pharmaceuticals, LLC (“Alora”), effective August 27, 2021. The divestiture is central to the Company’s strategy to focus its efforts and resources on UPNEEQ, the first and only FDA-approved product for the treatment of acquired ptosis (droopy eyelid) in adults. The proceeds of the sale will be used to retire a substantial portion of the Company’s outstanding debt. Total closing proceeds received for the transaction were approximately $111 million, subject to customary post-closing adjustments.