Retrophin to buy Manchester Pharmaceuticals; shares soar

|By:, SA News Editor

Retrophin (RTRX) zooms 45% after announcing an acquisition and providing revenue guidance for the first time.

Retrophin has agreed to buy privately held Manchester Pharmaceuticals for $62.5M, including $29.5M upfront plus royalties based on product sales.

Manchester makes two treatments that have been approved by the FDA: Chenodal for the treatment of gallstones and Vecamyl for hypertension.

Retrophin expects 2014 revenues of $10-12M and 2015 sales of $19-21M. (PR)