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Coeptis Pharmaceuticals Inc. has sold a pipeline of seven development-stage generic products to Minnesota’s ANI Pharmaceuticals Inc. for $2.3 million dollars in cash and up to $12 million in additional development and commercial milestones.

The Pittsburgh firm sees ANI’s growing product portfolio and industry expertise as the way to maximize the value of the products.

ANI has also agreed to pay a portion of gross profit generated from one of the injectable products to the commercial manufacturing partner.

In the purchase price, ANI is acquiring raw materials, manufacturing and packaging components and reference drug, valued at approximately $1.5 million. The portfolio includes three oral and four injectable products and has a combined current annual U.S. market value of $1.02 billion, according to IQVIA and ANI estimates.

“We are very thrilled to have divested these products to ANI Pharmaceuticals and for them to assume further development and commercialization of these products,” Coeptis CEO Modi Obochi said in a statement.

Six of the products are in development at third parties with commercial manufacturing sites already established. The seventh product, a liposomal-based injectable, is in development at a third party and ANI will seek to identify a commercial manufacturing partner in the near term.

ANI targeted areas of product development are narcotics, oncolytics (anti-cancers), hormones and steroids, and complex formulations involving extended release and combination products.

Coeptis is a privately held biopharmaceutical company engaged in the acquisition, development and commercialization of products developed via 505(b)2 pathways. It recently acquired FDA-approved Consensi to help patients with hypertension and osteoarthritis and plans to launch the drug later this year.