Here's a summary based on an emial I received in February.
xxxxxxxxxxx,
We have had some recent changes at RxElite that I would like to inform you about. On January 27th RxElite sold its operating subsidiary RxElite Holdings and its associated anesthetic gas business to Piramal Healthcare Ltd.. Piramal Healthcare is a large India based pharmaceutical company, which you may know of, that is seeking to build a presence in the US. In a separate, but related, transaction Piramal has also made a tender offer to acquire MinRad Inc., the company that manufactured the anesthetic gas products for RxElite. As a result of this transaction Piramal will keep some of the RxElite staff, mainly sales, marketing and customer service personnel to support the ongoing anesthetic gas business. The employees staying with the business will move to a new office building in Eagle ID, probably in mid to late February, where we will focus on commercialization of our other products, development of new drug products and growing our Israel based API manufacturing site. Our new address will be 776 East Riverside Dr., Suite 150, Eagle ID, 83616. We have also changed the name of the company to Landela Pharmaceutical to avoid any confusion with the surviving RxElite Holdings anesthetic gas business. Please note that it will take us 90-120 days to change the name with the SEC so for contracts we should use RxElite, Inc. dba Landela Pharmaceutical for this interim period. There should be no impact to the strong relationship we have established with xxxxxx, we will continue to develop new products with the intent of selling them through the networks and systems created by RxElite. Please note the new phone numbers and addresses below. This transaction has been in the works for several months and we are pretty excited about these changes as they pave the way for future success of the company. Gene and I will work closely with xxxxx and xxxxx to update the pending and approved ANDAs with these changes and if either of you have any questions feel free to contact us.
Thanks and Best Regards,
Patrick Poisson
Vice President, Operations
