Enters into on an Exclusive Promotion and Distribution Agreement with Novartis for Distribution Rights to Seebri® Breezhaler® and Ultibro® Breezhaler® in Canada
Covis Pharma Group (“Covis”), a global specialty pharmaceutical company that markets therapeutic solutions for patients with life-threatening conditions and chronic illnesses, announced today that Covis Pharma GmbH has completed the acquisition of Eklira® (aclidinium bromide), known as Tudorza® in the US and marketed as Bretaris® in some countries, and Duaklir® (aclidinium bromide/formoterol), marketed as Brimica® in some countries, from AstraZeneca (the “Acquisition”). Under the terms of the Acquisition agreement, AstraZeneca received a payment of $270m from Covis. AstraZeneca will also receive payments in respect of certain ongoing development costs related to the medicines.
In addition, Covis is pleased to announce that it has entered into an Exclusive Promotion and Distribution Agreement (the “Novartis Distribution Agreement”) with Novartis Pharmaceuticals Canada Inc. (“Novartis”), whereby Covis has been appointed as Novartis’ exclusive partner to promote and distribute PrSeebri® Breezhaler® and PrUltibro® Breezhaler® in Canada.
Building upon Covis’ previous acquisition of the global rights to respiratory medicines Alvesco®, Omnaris® and Zetonna® from AstraZeneca in 2018, the completion of the Acquisition and the entering into of the Novartis Distribution Agreement, enables the company to continue to meet one of its key strategic initiatives to become a leading respiratory company by creating a platform to offer a continuum of care for respiratory patients.
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“The closing of the acquisition and the expansion of our business in Canada with the Novartis partnership enables Covis to offer a full continuum of best-in-class therapies for allergic rhinitis, asthma and COPD and demonstrates our ability to engage with, and be a partner of choice for, leading pharmaceutical companies,” said Covis CEO Michael Porter. “As previously announced, as a result of the acquisition and this partnership with Novartis, Covis is firmly placed as one of the top 10 respiratory companies in the world. We are excited about our growth in this therapeutic area, and maintaining access to these important therapies for patients and physicians.”
In connection with the Acquisition, Barclays acted as financial advisor to Covis and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Covis. Buchanan Ingersoll & Rooney PC, Sidley Austin LLP and Fasken Martineau LLP provided regulatory and intellectual property law advice to Covis.
Source: Biospace
