Indy Pharma Company to be Acquired
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Indianapolis-based Acacia Pharma Group will soon be under new ownership. Our partners at the Indianapolis Business Journal report the company is set to be acquired by Eagle Pharmaceuticals Inc. in New Jersey in a deal valued at nearly $104 million.
Acacia employs 70, including 10 at its office on the northeast side of Indianapolis, though officials say the future of the company’s local operations is up in the air.
“I don’t have any clarity at this point on Eagle’s plans for employees here,” Mike Bolinder, chief executive officer of Acacia told the IBJ. “I think they’re still assessing their needs. … I honestly don’t know their thinking or plans on that.”
Bolinder, a former product brand director for Eli Lilly and Co.’s (NYSE: LLY) cardiovascular business, said he planned to leave the company after seven years, three of which were spent as CEO.
The acquisition is expected to close this summer. Eagle Pharmaceuticals did not respond to the IBJ’s request for comment.
You can read the full story from the IBJ’s John Russell by clicking here.