aaiPharma Inc., a science-based specialty pharmaceutical company, announced that its merger agreement with CIMA LABS INC. has been terminated, and it will continue to focus on its independent growth strategy. aaiPharma has received the $11.5 million termination fee from CIMA, as provided in the terminated merger agreement, against which merger-related expenses will be applied.
"We are eager to refocus our full energies on pursuing our growth strategy as an independent company," said Dr. Philip S. Tabbiner, president and CEO of aaiPharma. "Having just reported solid performance in our third quarter, the recent approval and national launch of Darvocet A500, and the agreement to acquire a portfolio of pain products, including Roxicodone and Oramorph SR, we are confident that aaiPharma will continue its strong growth as we successfully execute our science-based specialty pharmaceutical strategy."
Dr. Tabbiner continued, "Having reduced our debt by $80 million as of September 2003, we have enhanced our financial flexibility and are well positioned to expand our branded pharmaceutical products franchise, focusing more intently on the pain management marketplace. We will also continue to invest in research to drive our pipeline forward and the infrastructure needed to achieve our business goals."