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.
Vertical Wellness™, a leader in the branded health and wellness space, has announced the long anticipated launch of its fully developed portfolio of CBD Beverages at retail this year. Initial brands will include the Vertical Wellness owned brands Taos® and Hemp-Moji™, as well as celebrity and athlete driven wellness and lifestyle brands yet to be announced. Products will include a line of CBD iced teas, CBD sparkling beverages, CBD waters, and functional Hemp shots. Products will also include Vertical Wellness’ patented Fast-Absorption technology, and other proprietary formulations ensuring the highest quality and greatest efficacy for consumers in the wellness space.
Life science companies must evolve and find new ways of working that erase the lines between industries and sub-sectors if they are to adapt to the digitalised world. That’s according to the team at Sweden’s Sahlgrenska Science Park, who are getting ready to host a virtual event looking at how the specialisation of digital expertise is driving a trend of sector convergence that pharma is only just cottoning on to.
The US Food and Drug Administration's (FDA) Office of Prescription Drug Promotion (OPDP) has warned Canadian drugmaker Cipher Pharmaceuticals over promotional materials for its combination immediate and extended release opioid ConZip (tramadol hydrochloride).
The Food & Drug Administration began tracking reports of children suffering dangerous side effects from the pain meds codeine and tramadol in 1969, and now, nearly 50 years later, the agency is finally taking tough action against the manufacturers of those medicines. The FDA is ordering major label changes on prescription drugs containing codeine and tramadol—a requirement that will affect dozens of companies, ranging from giants like Johnson & Johnson to lesser-known names like Vertical Pharmaceuticals of Bridgewater, New Jersey.
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