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news.Pozen has agreed to acquire Tribute Pharmaceuticals Canada for nearly $146m, as part of efforts to enhance its offerings in the North American specialty pharmaceuticals space.
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The acquisition will create a broad portfolio of commercial products and also position Pozen to expand its foreign presence through potential international sales and licensing, manufacturing and product development.
Pozen chief executive officer Adrian Adams said: "Tribute’s strong presence in Canada, along with the committed capital to fund ongoing growth opportunities, provides Pozen with the broad capabilities to execute against its objectives."
The transaction has received approval from boards of directors of each of the companies and is subject to approval by the stockholders of Pozen and Tribute, customary closing conditions and certain regulatory approvals.
The acquisition is expected to complete in the fourth quarter of 2015, following which the combined company will be named Aralez Pharmaceuticals plc.
A syndicate of Deerfield-led healthcare investors has committed up to $350m in growth capital for Aralez, intended to support the anticipated commercial launch of Yosprala and for future acquisitions.
Stockholders of Pozen will own approximately 66% of Aralez and shareholders of Tribute would own approximately 34% of Aralez.
Guggenheim Securities and Deutsche Bank Securities acted as financial advisor to Pozen, with legal advisors DLA Piper in the US and Canada and A&L Goodbody in Ireland.
Bloom Burton & Co. and KES VII Capital served as financial advisor to Tribute, with Fogler, Rubinoff serving as legal counsel in Canada, Troutman Sanders in the US and Walkers in Ireland.
Image: Pozen is expected to complete acquisition of Tribute in the fourth quarter of 2015. Photo: courtesy of adamr / FreeDigitalPhotos.net.