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Quad Pharmaceuticals sale

Executive Summary

T&S Holding signs a non-binding letter of intent to acquire "substantially all" the assets of injectable generics firm Quad, parent Pharmaceutical Resources, Inc. announces Jan. 14. Quad has nine active ANDAs remaining after asking FDA to withdraw 97 of its previous 106 ANDAs in November. In return for Quad's assets, privately-held T&S Holding will assume debt of approximately $3 mil., make future payments of up to $1.55 mil. based on sales of the products acquired, and make cash payments totaling $750,000. The deal is expected to close in April 1992, subject to T&S Holding obtaining financing. PRI announced last September that Quad's operations were being discontinued and that it planned to sell the generic injectables subsidiary ("The Pink Sheet" Sept. 30, T&G-11)....

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