Norgine B.V. to Divest Its Canadian Assets Acquired Through Merus Labs International Inc. to Searchlight Pharma
AMSTERDAM and MONTREAL, October 1, 2018
AMSTERDAM and MONTREAL, October 1, 2018 /PRNewswire/ --
- Norgine acquired Merus Labs International Inc. in July 2017 and will retain all assets outside Canada
- Searchlight Pharma takes ownership of and assumes distribution of Enablex ® and Vancocin ® in Canada effective immediately
- Norgine ' s Canadian assets generated a pproximately €3.4 million (CAD $5.1 million) in sales in 2017
Norgine B.V. ("Norgine") and Searchlight Pharma Inc. ("Searchlight") are pleased to announce the closing of a transaction whereby Searchlight will acquire the Canadian assets of Norgine's subsidiary Merus Labs International Inc. ("Merus"). As a result of the transaction, Searchlight will take ownership of and assume the distribution and promotion of Enablex® and Vancocin® in Canada effective immediately. Norgine will retain all assets in markets outside Canada. Financial terms of the transaction were not disclosed.
According to IQVIA CDH data, the Merus business in Canada generated €3.4 million (CAD $5.1 million) in sales during the 12 month period ending December 2017. Merus' Canadian product portfolio consists of Enablex® (darifenacin) which is an anti-muscarinic prescription drug indicated for the treatment of overactive bladder and Vancocin® (vancomycin) which is a prescription antibiotic indicated for the treatment of various infections.
Peter Stein , CEO of Norgine said: "The divestment of Norgine's Canadian assets, acquired as part of the Merus acquisition, ensures that patients in the region will continue to benefit from Enablex® and Vancocin[®]. This will enable Norgine to drive our European strategy to deliver profitable growth and create a dynamic and sustainable business in the long term. Norgine will use the proceeds of this transaction to acquire further specialist products for sale through our European infrastructure."
"The acquisition of Enablex® and Vancocin® is further evidence of the success of our industry-leading business development activities," said Mark Nawacki, President & CEO of Searchlight Pharma. "The opportunity to acquire the Canadian Merus business represented a unique chance to strategically build both commercial scale and our product offering. Enablex®, in particular, fits well with our growing interest and presence in the specialty urology and urogynaecology markets in Canada, and will complement our existing promotional activities in support of Bulkamid® for the treatment of stress urinary incontinence. With Enablex® and Bulkamid® in our portfolio we can now offer a synergistic offering of prescription solutions that address the spectrum of urinary incontinence issues affecting Canadian patients."
Information for media representatives only:
Corporate Communications, Norgine
Mark Nawacki, CPA, CA
President & CEO Searchlight Pharma Inc.
View the full media release on http://www.norgine.com/media