The specialty pharmaceutical company Pernix Therapeutics Holdings, Inc. has agreed to divest its Houston, Texas-based manufacturing operations, Pernix Manufacturing, LLC (PML) to Woodfield Pharmaceutical LLC .

Woodfield will acquire the entire PML operation and will assume the mortgage associated with the facility. Pernix expects to receive approximately $1.2 million in net proceeds at closing and realize approximately $5.0 million in annualized cost savings from the divesture. As part of the agreement, Woodfield will continue to manufacture the existing Pernix products under a long-term supply agreement. Pernix anticipates a closing of April 15, 2014. Closing of the transaction is subject to standard closing conditions and deliveries. In addition, closing on the sale of certain of the real estate assets may extend beyond the anticipated closing date.

Source: Pernix Therapeutics