Canadian pharmaceutical business Concordia Healthcare Corp (Nasdaq: CXRX, TSX: CXR) has formed a special committee of the board of directors to examine strategic alternatives potentially available to it. Concordia said it “has had discussions,” but that a deal remains uncertain. The announcement followed media reports that Blackstone Group, a U.S. private equity firm, is considering an acquisition of the Oakville, Ont.-based company. European private equity firm Cinven has been a minority investor in Concordia since October 2015.
Concordia Healthcare Announces Formation Of Special Committee To Review Strategic Alternatives
OAKVILLE, ON, April 21, 2016 /CNW/ – Concordia Healthcare Corp. (“Concordia” or the “Company”) (NASDAQ: CXRX) (TSX: CXR), an international pharmaceutical company focused on legacy pharmaceutical products and orphan drugs, today announced it has formed a special committee of independent members of the Board of Directors of the Company (the “Special Committee”) to consider various strategic alternatives potentially available to the Company.
The Company has had discussions, however, there can be no assurance that any transaction will occur. Concordia does not intend to make any additional comments at this time regarding various strategic alternatives potentially available to the Company.
Concordia is a diverse, international pharmaceutical company focused on legacy pharmaceutical products and orphan drugs. The Company has an international footprint with sales in more than 100 countries, and has a diversified portfolio of more than 200 established off-patent molecules. Concordia also markets orphan drugs through its Orphan Drug Division, currently consisting of Photofrin® for the treatment of certain rare forms of cancer, which is currently undergoing testing for potential new indications.
Concordia operates out of facilities in Oakville, Ontario and, through its subsidiaries, operates out of facilities in Bridgetown, Barbados; London, England and Mumbai, India.
Notice regarding forward-looking statements and information:
This news release includes forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws, regarding Concordia and its business, which may include, but are not limited to any strategic alternatives potentially available to the Company. The forward-looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Concordia, including risks relating to Concordia’s securities, Concordia’s growth, risks associated with the use of Concordia’s products, increased leverage, the inability to generate cash flows, revenues and/or stable margins, the inability to grow organically or through M&A, the inability to repay debt and/or satisfy future obligations (including, without limitation, earn out obligations), risks associated with Concordia’s outstanding debt, risks associated with the geographic markets in which Concordia operates, the pharmaceutical industry and the regulation thereof, economic factors, the equity and debt markets generally, general economic and stock market conditions, risks associated with fluctuations in exchange rates (including, without limitation, fluctuations in currencies), risks and uncertainties detailed from time to time in Concordia’s filings with the Securities and Exchange Commission and the Canadian Securities Administrators, and many other factors beyond the control of Concordia. Although Concordia has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement or information can be guaranteed. Except as required by applicable securities laws, forward-looking statements and information speak only as of the date on which they are made and Concordia undertakes no obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events, or otherwise.
Adam Peeler, Concordia Healthcare Corp., 905-842-5150 x 240, email@example.com
Photo courtesy of Reuters