Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of ANI Pharmaceuticals (NASDAQ:ANIP), a specialty developer of branded and generic drugs, roared higher by as much as 11% after the company announced the acquisition of the drug Lithobid from Noven Therapeutics.

So what: According to ANI Pharmaceuticals' midday press release, total consideration paid for the extended release tablets, which treat manic episodes of bipolar disorder, was $12 million. This includes an $11 million up-front payment from ANI to Noven, as well as $1 million in future sales milestone payments. ANI anticipates launching Lithobid this month under its own label, with the purchase expected to annually add $4 million in revenue and $3.9 million in adjusted EBITDA. As ANI's president and CEO pointed out, "Prior to the acquisition, ANI contract manufactured Lithobid, which allows us to immediately launch ANI-labeled product."

Now what: ANI said the magic words in its press release: "immediately accretive" to earnings. ANI has largely developed its generic portfolio through internal discoveries, but it made waves recently with two mature drug purchases, including today's buy. In December, it acquired 31 generic drugs from Teva Pharmaceutical for $12.5 million and a percentage of gross profits from future product sales. ANI's ability to supplement its high-margin branded portfolio with both internal and external generic drugs makes me believe that it has the potential to head even higher over the long term.