ZUG Switzerland (December 22, 2011) - Covis Pharma Sàrl (“Covis Pharma”), a Switzerland-based specialty pharmaceutical company owned by affiliates of Cerberus Capital Management, L.P., today announced an agreement with GlaxoSmithKline to acquire full commercial rights for Fortaz® (ceftazidime), Zinacef® (cefuroxime), Lanoxin® (digoxin), Parnate® (tranylcypromine sulfate), and Zantac® Injection (ranitidine hydrochloride) in the United States and Puerto Rico. GlaxoSmithKline will retain the existing rights for these products in countries outside the United States. Terms of the agreement have not been disclosed.
“We are very pleased to announce the acquisition of this portfolio of drugs as we establish Covis as a leading specialty pharmaceutical company,” said Jack Davis, CEO of Covis Pharma. “Our world-class management team looks forward to building out our platform beyond the current focus on the acute care, cardiovascular and CNS markets, into new and adjacent therapeutic areas.”
“The Covis Pharma management team has the deep relationships and understanding of the healthcare markets,” said Bill Collins, CEO of Covis Pharmaceuticals Inc (USA). “We will supply consistent, top quality, branded pharmaceuticals, ensuring that patients receive the therapeutic care they need.” Covis Pharmaceuticals Inc (USA) is a Raleigh, North Carolina-based affiliate that will provide U.S. sales and distribution support to Covis Pharma.
GSK will manufacture and supply Fortaz Injection, Zinacef Injection, Parnate, and Zantac Injection to Covis. Lanoxin Tablets and Injection, Fortaz Frozen, Zinacef Frozen and Zantac Injection Premixed will continue to be manufactured and supplied by current third-party suppliers.
The agreement has received Hart-Scott-Rodino regulatory clearance in the United States.
Bourne Partners acted as a financial advisor to Covis Pharma.
About Covis Pharma
Headquartered in Zug, Switzerland, Covis Pharma is a global specialty pharmaceutical company providing therapeutic solutions to patients. The company’s distinctive product portfolio addresses life threatening and other serious medical conditions in the cardiovascular, central nervous system (CNS) and acute care markets. Covis Pharma’s paramount concern is patients’ outcomes as it focuses on improving human health. With six branded products currently in market, Covis Pharma aims to become a leading specialty pharmaceutical company through organic, as well as global acquisitive, growth. The investor group in Covis Pharma has significant investment experience in the specialty pharmaceutical industry. Led by affiliates of Cerberus Capital Management, L.P., the investor group also includes Bourne Capital Partners and Princeton Biopharma Capital Partners, LLC. For more information, visit www.covispharma.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. Bourne Capital Partners invests in top tier private equity funds, co-invests with those funds and makes direct investments in companies with compelling return characteristics. The firm’s principals have completed in excess of $2 billion in healthcare transactions globally. For additional information, visit www.bourne-partners.com.
Fortaz®, Zinacef®, Lanoxin®, and Parnate® are registered trademarks of the GlaxoSmithKline group of companies. Zantac® is a registered trademark of Boehringer Ingelheim Pharmaceuticals, Inc., used under license.
Trademarks will be licensed from GSK, except that the Zantac® trademark will be sublicensed.
For additional information about this news release, contact Jeremy Johnson at +1.704.714.8351 or email@example.com.