Teligent Inc., a Buena-based specialty genetic pharmaceutical company, announced Monday that it has acquired all the assets of Alveda Pharmaceuticals Inc. for $47 million.
The acquisition will allow Teligent to expand its specialty generic pharmaceutical portfolio in Canada.
''We look forward to building on the successful business that the Alveda team has created over the last several years,'' Jason Grenfell-Gardner, CEO and president of Teligent, said in a prepared statement. ''We see great opportunities to integrate our R&D capabilities with the commercial and regulatory strengths of our new colleagues in Canada.''
As part of the deal, Mike Bethell has been appointed general manager, Canada, for Teligent.
''Mike has been with Alveda from the beginning. He has played a significant role in driving the company's growth, and we look forward to his leadership and market expertise to further build our business in Canada.''