Advanced Nutraceuticals announces proposed acquisition of York Pharmaceutical

Advanced Nutraceuticals, Inc., recently announced that it is in advanced stages of negotiations to acquire the over the counter pharmaceutical manufacturing operations and certain related net assets of York Pharmaceutical, Inc. (York). York is a privately held entity with its corporate headquarters in Kansas City, KS. Upon finalization of the acquisition, the acquired operations and assets of York would be relocated to ANI's 132,000-sq. ft. manufacturing facility in Gulfport, MS, which is in the same line of business.

The proposed acquisition would consolidate in one facility, two established over the counter pharmaceutical manufacturers with over one-hundred years of combined experience in producing high quality, price competitive products. The proposed transaction would be consummated with ANI convertible preferred stock and additional potential stock subject to the terms of an earn-out. Terms of the transaction are subject to finalizing certain matters before an agreement would be entered into, as well as completion of due diligence and approvals of each of the companies' Boards. The combined facility will continue to offer a broad range of products including liquid antacids, analgesic tablets, cough and cold syrups and elixirs, acetaminophen elixirs, baby and medicated powders, antifungal powders and other consumer products. ANI, through its Bactolac Pharmaceutical, Inc., subsidiary in Hauppauge, NY, manufactures a comprehensive assortment of vitamin, mineral and nutritional supplement products.

Gregory Pusey, Chairman of Advanced Nutraceuticals, commented, "We are optimistic about the expanded sales, customer and product base the acquisition of York would bring to our operation in Gulfport, MS. This would be another step of our consolidation and integration program in the nutraceutical and pharmaceutical industry."

ANI had previously announced the agreement to sell its NFLI related subsidiaries engaged in the network marketing business. Closing of the NFLI sale is subject to approval of the ANI shareholders, among other items, and is anticipated to occur on or about May 31, 2001.

Advanced Nutraceuticals, Inc. is a holding company that conducts operations through Nutrition For Life International, Inc. and Bactolac Pharmaceutical, Inc. Nutrition For Life International, Inc. develops, markets and sells an extensive product line of nutritional supplements and other consumer products through its network of independent distributors. Bactolac Pharmaceutical, Inc. and ASHCO, a division of Bactolac Pharmaceutical, Inc., are manufacturers of nutraceutical and pharmaceutical products.

Source: Advanced Nutraceuticals, Inc.

Subscribe to our free e-mail newsletter.

Click for a free Buyer's Guide listing.