Covis Pharma — a Switzerland-based pharmaceutical company backed by Cerberus Capital Management, Princeton Biopharma Capital Partners and Bourne Capital Partners — is buying the U.S. commercial rights for several drugs from GlaxoSmithKline. Terms of the agreement were not disclosed. GlaxoSmithKline will retain the existing rights for the products in countries outside the United States.
Covis Pharma Sarl (“Covis Pharma”), a Switzerland-based specialty pharmaceutical company owned by affiliates of Cerberus Capital Management, L.P., today announced 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. GlaxoSmithKline 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 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.
Bourne Partners acted as a financial advisor to Covis Pharma.
About Covis PharmaHeadquartered 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.