ANI Pharmaceuticals announced that it intends to cease operations at its Oakville, Ontario, Canada manufacturing plant by first quarter 2023. This action is part of ongoing initiatives to capture operational synergies following the Company’s acquisition of Novitium Pharma in November 2021.

ANI remains committed to meeting patient needs and ensuring the continuity of supply of its medicines to patients and customers. The company will transition the majority of products manufactured or packaged in Oakville to one of its three U.S.-based manufacturing sites. The company is seeking to find potential buyers for the Oakville site and remains committed to treating employees with fairness and respect.

“Driving cost-competitiveness and efficiencies is imperative for achieving sustainable growth in the U.S. generics industry. Consolidation of our manufacturing network allows ANI to achieve significant cost savings and stay competitive. Our remaining manufacturing sites are well-placed to support our future growth and enable us to continue serving patients in need,” said Nikhil Lalwani, President and CEO of ANI.

ANI expects this action to improve profitability and cash flow by $7 million to $8 million on an annualized basis.