Bourne Partners and Cerberus Capital Portfolio Company, Covis Pharma, Acquires US Rights from Sanofi for Nilandron®, Plaquenil®, Rilutek®, Uroxatral®, and Kayexalate®
ZUG Switzerland (April 4, 2013) - Covis Pharma Sàrl ("Covis Pharma"), a Switzerland-based specialty pharmaceutical company today announced an agreement with sanofi-aventis U.S. LLC and certain of its affiliates ("Sanofi") to acquire full commercial rights for Nilandron® (nilutamide), Plaquenil® (hydroxychloroquine), Rilutek® (riluzole), Uroxatral® (alfuzosin hydrochloride), and Kayexalate® (sodium polystyrene sulfate) in the United States. The aggregate sales for these products in the United States in 2012 were $114.6 million. Sanofi 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 addition of these products to our existing portfolio," said Jack Davis, CEO of Covis Pharma. "Covis will continue to supply consistent, top quality, branded pharmaceuticals, ensuring that patients receive the therapeutic care they need." Covis Pharma will promote these branded products through its US-based distributor, Covis Pharmaceuticals Inc. Covis Pharma also supplies authorized generic products to the US market through a separate distributor, Rising Pharmaceuticals Inc. Sanofi will manufacture and supply the products for Covis Pharma.
The agreement has received Hart-Scott-Rodino regulatory clearance in the United States.
Bourne Partners acted as financial advisor to Covis Pharma on this transaction and is actively pursuing additional product and/or corporate acquisition opportunities for the company.
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. With eleven 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 and operational experience in the specialty pharmaceutical industry. Led by affiliates of Cerberus Capital Management, L.P., one of the world's leading private investment firms, 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.
For additional information about this news release or Covis Pharma's business development interests contact: