Concordia acquiring Covis assets for $1.2 billion
- Canada-based Concordia is buying 18 branded and authorized generic products from Covis Pharmaceuticals, a privately held company.
- The Covis portfolio covers several key therapeutic areas, including cardiovascular (CVD) therapies, central nervous system (CNS) therapies, oncology, and acute care therapeutics.
- The goals of the acquisition are to leverage new economies of scale and synergies.
For Concordia, this acquisition represents not only an opportunity to enjoy synergies between new products and existing products, but to substantially diversify the company's portfolio.
Some of the new products include Nilandron for metastatic prostate cancer, Lanoxin for mild-to-moderate heart failure and atrial fibrillation, and Plaquenil for lupus and rheumatoid arthritis.
Overall, the company anticipates immediate synergies of $20 million. The deal is expected to close during Q2 2015.