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Subsequent Event
3 Months Ended
Sep. 30, 2016
Subsequent Events [Abstract]  
Subsequent Event

(10) Subsequent Event

 

On November 2, 2016, Aceto and two newly-formed wholly-owned subsidiaries of Rising entered into a product purchase agreement (the “Purchase Agreement”) with Citron Pharma LLC (“Citron”), Lucid Pharma LLC (“Lucid” and together with Citron, the “Sellers”) and certain related parties to purchase certain launched and unlaunched products and related assets, and assume certain liabilities, of the Sellers’ generic pharmaceutical businesses. The purchase price is comprised of: (i) $320,000 in cash, of which $270,000 is payable on the closing date of the acquisition and $50,000 is payable no sooner than the fifth anniversary of the closing date; (ii) approximately 5,122 shares of the Company’s common stock, 75% of which will be issued to the Sellers on the third anniversary of the closing and 25% of which will be issued on the fourth anniversary of the closing, subject to certain acceleration or deferral events; and (iii) up to $50,000 in cash earn-out payments.