F.H. Faulding & Co., an Australian pharmaceuticals company, said its Moleculon Inc. affiliate acquired Kalipharma Inc. for $ 23 million.
Kalipharma is a New Jersey-based that sells products under the Purepac label.
Faulding said it owns 33 % of Moleculon's and has an agreement to acquire an additional 19 %.
That stake, together with its convertible preferred stock holdings, gives Faulding the right to increase its interest to 70 % of Moleculon's.