ADVANZ PHARMA Corp. Limited (“ADVANZ PHARMA” or “the Company”), a global pharmaceutical company focused on serving the needs of patients and healthcare providers around the world with enhanced access to high quality, niche-established medicines, today announced that it closed its previously announced acquisition of specialty pharmaceutical company Correvio Pharma Corp. (“Correvio”) (NASDAQ: CORV) (TSX: CORV).
The acquisition has a total purchase price of approximately $76 million1, which includes the repayment of certain Correvio indebtedness, pursuant to a plan of arrangement (“Plan of Arrangement”) under the Canada Business Corporations Act.
Correvio, now a wholly-owned subsidiary of ADVANZ PHARMA, is a specialty pharmaceutical company focused on providing innovative, high-quality brands that meet the needs of acute care physicians and patients. Correvio’s commercial presence is focused on major European markets with a broader distribution network covering more than 60 countries worldwide.
“We believe that the acquisition of Correvio rapidly accelerates our goal of becoming the leading platform for niche-established medicines, with advanced commercial capabilities throughout Western Europe,” said Graeme Duncan, Chief Executive Officer of ADVANZ PHARMA. “Correvio’s experienced European team provides us with a direct commercial and medical presence in France, Germany, Spain, Italy and the Benelux region, while further enhancing our existing operations in the United Kingdom and the Nordics.”
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Mr. Duncan continued, “We are very excited about this transformative acquisition as we believe it will open up further growth opportunities for ADVANZ PHARMA and enable us to access additional portfolio opportunities, and optimize planned pipeline launches.”
The Company believes that Correvio’s niche portfolio, consisting of an established brand, and two growing, patent-protected brands, plus a pipeline of potential product launches, are highly complementary to its current priorities and future focus.
ADVANZ PHARMA anticipates Correvio’s business will be profitable on a pro-forma basis in 2020 through a combination of top-line growth and the realisation of synergies.
Source: BioSpace