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Related Party Transactions
6 Months Ended
Dec. 31, 2015
Related Party Transactions  
Related Party Transactions

 

Note 20.  Related Party Transactions

 

The Company had sales of $529 thousand and $717 thousand during the three months ended December 31, 2015 and 2014, respectively, to a generic distributor, Pharmaceutical Company (“Auburn”).  Sales to Auburn for the six months ended December 31, 2015 and 2014 were $866 thousand and $1.1 million, respectively.  Jeffrey Farber, Chairman of the Board, is the owner of Auburn.  Accounts receivable includes amounts due from Auburn of $396 thousand and $727 thousand at December 31, 2015 and June 30, 2015, respectively.

 

As part of the acquisition of KUPI, the Company issued $200.0 million of unsecured 12.0% Senior Notes and a warrant with a fair value of $29.2 million to UCB.  Accounts payables include amounts due to UCB of $2.0 million at December 31, 2015.  Purchases of authorized generics from UCB totaled $1.3 million for the three months ended December 31, 2015.

 

In the Company’s opinion, the terms of these transactions were not more favorable to Auburn or UCB than would have been to a non-related party.