Covis Pharma Sàrl, a Switzerland- based specialty pharmaceutical company owned by affiliates of Cerberus Capital Management has reached an agreement with GlaxoSmithKline to acquire full commercial rights for some of its products in the US and Puerto Rico. Covis Pharma is also backed by Princeton Biopharma Capital Partners and Bourne Capital Partners.
Align Global Consulting announces that it successfully advised Covis Pharma Sàrl (“Covis Pharma”), a Switzerland- based specialty pharmaceutical company owned by affiliates of Cerberus Capital Management, L.P., in reaching 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. Align Global Consulting acted as tax structuring counsel to Covis Pharma throughout the transaction.
“It was our privilege to advise Covis on this transaction and we wish them much success in the years ahead,” said Sean M. King, President of Align Global Consulting.
“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.
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 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 Princeton Biopharma Capital Partners, LLC and Bourne Capital Partners.
ABOUT ALIGN GLOBAL CONSULTING
Align Global Consulting is a Raleigh, North Carolina-based globalization firm that helps clients expand globally or improve existing operations by providing creative legal and tax solutions to address commercial, trade, investment and regulatory matters. Align’s comprehensive list of services includes global structuring, global business transactions, cross-border M&A transactions, and international tax planning for outbound and inbound investment. Align assists companies in all stages of growth, from emerging growth companies to the Fortune 100. With “big firm” credentials and experience, Align handles matters traditionally entrusted to larger firms, while maintaining a commitment to the lost art of one-on- one client service.