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Concordia Acquires Covis Assets for $1.2 Billion

March 10, 2015

Ontario devicemaker Concordia Healthcare said Monday that it has agreed to purchase virtually all of the commercial assets of privately held Covis Pharma and Covis Injectables for $1.2 billion in cash.

Covis’ portfolio of 18 branded and generic pharmaceuticals and injectables includes treatments for prostate cancer, pheochromocytoma, heart failure and atrial fibrillation, lupus and rheumatoid arthritis. Concordia said the deal will help it leverage its existing infrastructure of drugs and devices and — by eliminating redundant distribution and general and administrative expenses — realize immediate savings of $20 million.

“In the longer-term, this transaction creates greater scale and diversification for Concordia, which should support the continued execution of our aggressive growth plans,” said CEO Mark Thompson.

The deal is expected to close in the second quarter of 2015. — Kellen Owings