Charlotte, NC, July 22, 2011 – Theramed Corporation (“Theramed”), a privately held Canadian specialty pharmaceutical company, today announced that it completed the sale of two assets, Delatestryl® and Viroptic®, to Valeant International (Barbados) SRL (“Valeant”). Delatstryl® is a sterile, oily testosterone enanthate solution used to treat primary and secondary testosterone deficiency in men. Viroptic® is a prescription antiviral eye drop used to treat the epithelial keratitis herpes infection of the eye.
The sale of its two non-promoted assets provides Theramed a substantial return to shareholders while allowing the Company to maintain operations and reinvest capital into the hospital and acute care side of its business. Theramed plans to continue driving revenue growth and profitability of the existing portfolio along with the pursuit of additional acquisition and licensing opportunities.
In addition to advising on this transaction, Bourne Partners, through its holding companies, is also an investor and shareholder in Theramed. Bourne Partners acquired majority interest of Theramed in April 2008. The Bourne OperatingTeam realigned the Company’s strategic focus and executed a series of pricing and promotional strategies, while also enhancing operational efficiencies. Since the acquisition in 2008, the revenues of both the Company and the two non-promoted assets have more than doubled.
Banks Bourne, Chairman of Theramed and Senior Managing Director of Bourne Partners, commented that “this transaction provides some liquidity to the shareholders while allowing us to now focus all of our time and attention on the hospital and acute care franchise. The existing portfolio is growing nicely and we have a number of licensing and acquisition opportunities we are actively pursuing to further expand the business.”
Financial terms of the transaction were not disclosed.
About Theramed Corporation Theramed Corporation, headquartered in Mississauga, Ontario, is a specialty pharmaceutical company, focused on the development, acquisition, in-licensing, marketing, and distribution of medical products in Canada. The Company is dedicated to bringing new-to-market and well-established healthcare innovations to Canadian physicians and hospitals, be these pharmaceuticals, biotech products, or medical devices. For additional information, visit www.theramed.com.
About Bourne Partners Headquartered in Charlotte, North Carolina, Bourne Partners is a healthcare-focused merchant banking firm that provides advisory services and capital to companies throughout the world. The firm specializes in domestic and cross border advisory assignments with primary concentration in healthcare. Advisory areas of focus include corporate partnering (joint venture/licensing), mergers and acquisitions, and financing services. The firm’s principals have completed healthcare transactions in 17 different countries aggregating over $5 billion in value. For additional information, visit www.bourne-partners.com.
For additional information about this news release, contact Jeremy Johnson at +1.704.714.8351 or firstname.lastname@example.org.