Medicure Inc. (“Medicure” or the “Company”) (TSXV: MPH) (OTC: MCUJF), a cardiovascular pharmaceutical company, today announced that, through its wholly-owned U.S. subsidiary, Medicure Pharma Inc., it entered into a definitive agreement on December 15, 2020, to acquire 100% of Marley Drug, Inc (“Marley”), a leading specialty pharmacy serving more than 30,000 customers across the United States, from an arms-length third-party, for an upfront payment on closing of USD $6.3 million, subject to certain holdbacks, as well as additional payments based on future performance of Marley. Marley generated unaudited revenue and EBITDA of approximately USD $7.0 million and over USD $1.7 million for the 12-month period ended October 31, 2020, respectively.
Marley provides excellent customer service, cost competitive medications, immediate direct to patient delivery, and is licensed in all 50 states, Washington D.C. and Puerto Rico. Its advanced operating systems include automated pill dispensing, an extended supply generic drug program, and an effective customer communication system. Marley has been successful in marketing directly to customers, providing access to medications without the need for insurance, and building a nationwide customer base.
“This transaction marks the start of an exciting new chapter for our company,” said Albert D. Friesen, PhD, Chief Executive Officer of Medicure and Chair of its Board of Directors. “We look forward to welcoming the Marley specialty pharmacy team and dedicated customers and physicians. The combined business will be well positioned to strengthen our existing national platforms, accelerate growth of Medicure’s primary care drug, ZYPITAMAG® (pitavastatin) tablets, realize material synergies and generate substantial shareholder value.” The Company remains focused on the sale and commercial development of its existing products.
Medicure intends to finance the acquisition of Marley with a term loan from a Canadian commercial bank.
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