Under the deal, Concordia will buy substantially all of the commercial assets of Covis Pharma and Covis Injectables, including 18 branded and authorized generic products.
Covis drug portfolio includes branded pharmaceuticals, injectables and authorized generics for life threatening and other serious conditions in the cardiovascular, central nervous system (CNS), oncology and acute-care markets.
Key products in this portfolio are Nilandron, designed to treat metastatic prostate cancer; Dibenzyline for pheochromocytoma; Lanoxin for mild-to-moderate heart failure and atrial fibrillation; and, Plaquenil to treat lupus and rheumatoid arthritis.
Concordia chief executive officer Mark Thompson said: "Covis’ strong commercial momentum will have an immediate and material impact on our top and bottom line financial results.
"In the longer-term, this transaction creates greater scale and diversification for Concordia, which should support the continued execution of our aggressive growth plans."
The deal, which is scheduled to be closed in the second quarter of 2015, will see Concordia integrate the acquired portfolio into its existing business and leverage its existing infrastructure.
Concordia expects to record immediate synergies of about $20m following the integration of Covis’ portfolio.
Image: Concordia will acquire assets of Covis Pharma and Covis Injectables, including 18 branded and authorized generic products. Photo: courtesy of Michelle Meiklejohn/ freedigitalphotos.net.