In Brief: Rexall Sundown
This article was originally published in The Tan Sheet
Rexall Sundown: Sells Pennex Labs facility and equipment to Wayne, Penn.-based Oakmont Pharmaceuticals for cash and a short-term secured note. Rexall Sundown expects to liquidate the remaining assets of Pennex by the end of fiscal 1996 (ending Aug. 31). Oakmont plans to specialize in the development and production of generic OTC and prescription drugs. The firm is expected to spend about $7.2 mil. to acquire and renovate the Pennex plant and equipment. Oakmont is about to be acquired by Hygenics Pharmaceuticals; the firms signed a letter of intent in January...
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