Sector News

Concordia Healthcare to buy some assets of Covis Pharma for $1.2 bln

March 10, 2015
Life sciences
(Reuters) – Concordia Healthcare Corp, which makes drugs for rare diseases and devices for diabetic patients, said it would buy some assets of privately held Covis Pharma Holdings SARL for $1.2 billion in cash.
 
Concordia said the drug portfolio it will acquire consists of 18 branded generic products, including generic drugs for heart diseases, neurological disorders and cancer.
  
Covis expects the portfolio to generate revenue of $140 million to $145 million in 2014, with gross margin of about 90 percent, Concordia said.
 
Concordia expects the deal to add over 50 percent to adjusted earnings in 2015.
 
The company reported a profit in the third quarter of 2014 after two quarters of losses. Overall it earned about $7.9 million in the first three quarters of 2014.
 
Oakville, Ontario-based Concordia said the drug portfolio is part of the two Covis units it is acquiring, Covis Pharma SARL and Covis Injectables SARL – both headquartered in Switzerland.
 
Covis Pharma Holdings, the parent company, is controlled by affiliates of Cerberus Capital Management L.P., Princeton Biopharma Capital Partners LLC and Bourne Partners.
 
RBC Capital Markets is Concordia’s financial adviser, and Sullivan & Cromwell LLP and Fasken Martineau DuMoulin LLP is its legal counsel.
 
Lowenstein Sandler LLP is Covis’ legal counsel, and Bourne Partners served its financial adviser. (Reporting by Sneha Banerjee in Bengaluru; Editing by Savio D’Souza)

comments closed

Related News

October 23, 2021

Novo Nordisk teams with CVS Health on obesity support program ahead of Wegovy DTC launch

Life sciences

As Novo Nordisk gears up to disrupt the obesity market with its newly approved weight-loss drug Wegovy, it is teaming with retail pharmacy giant CVS Health on a new education and nutrition coaching program for people taking anti-obesity meds.

October 23, 2021

GSK-backed Atreca inks license with Gates Medical Research Institute for malaria monoclonal antibody

Life sciences

The terms of the deal were undisclosed, but Atreca received $6 million from the Gates Foundation in 2012 to discover potential treatments for malaria, tuberculosis and HIV. The foundation has also given grant money to other biopharmas exploring malaria treatments, including Exscientia, which secured $4.2 million last year for such work.

October 23, 2021

A record number of biotechs are going public. Here’s how they’re performing.

Life sciences

At the start of the last decade, the IPO markets weren’t receptive to biotech companies. But by 2013, public investment was pouring into the industry, drawn by scientific advances and boosted by the newfound interest of a broader range of investors. Ever since, biotechs and their backers have ridden a multi-year boom. Keep track of them as they happen with this database.

Send this to a friend