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Bourne Partners Represents Concordia Healthcare Corp. in Its Sale of Three Injectable Products to IGI Laboratories
October 6, 2015
Bourne Partners Acts as Exclusive Financial Advisor to Concordia on the Acquisition
CHARLOTTE, N.C., October 6, 2015—Concordia Pharmaceuticals, Inc., S.A.R.L. has sold three currently marketed injectable products to New Jersey-based specialty generic company IGI Laboratories (NYSE MKT: IG). Bourne Partners, a leading healthcare and consumer healthcare investment banking, merchant banking, and investment firm, acted as the exclusive financial advisor to Concordia on the transaction.
The products included in the package are: Zantac (ranitidine) injection indicated in some hospitalized patients with pathological hypersecretory conditions or intractable duodenal ulcers; Fortaz (ceftazidime) indicated for the treatment of patients with infections caused by susceptible strains of the designated organisms; and Zinacef (cefuroxime sodium) indicated for the treatment of patients with infections caused by susceptible strains of the designated organisms.
According to IMS Health data quoted by IGI, the current addressable market in the USA for these products is estimated at $26 million as of August 2015.
Jason Grenfell-Gardner, president and chief executive of IGI, commented:
This transaction delivers contribution to our fourth quarter of 2015 financial results. It is consistent with our TICO strategy, and accelerates our commercial entry into the sterile injectable market. These products, while branded, compete in genericized markets for these product forms, and thus should allow us to leverage our existing value chain for sales, marketing, and distribution of these products. In addition, Zinacef and Fortaz complement IGI’s pipeline of hospital-administered anti-infective injectables, which is a market segment we believe is best served by a portfolio approach. Our business development team will continue to focus on acquiring currently marketed assets that are aligned with our TICO strategy.