ADVANZ PHARMA Corp. Limited Closes Acquisition of Specialty Pharmaceutical Company Correvio Pharma Corp.
London, England, May 28, 2020 - ADVANZ PHARMA Corp. Limited (“ADVANZ PHARMA”), a global pharmaceutical company focused on serving the needs of patients and healthcare providers around the world with enhanced access to high quality, niche-established medicines, today announced that it closed its previously announced acquisition of specialty pharmaceutical company Correvio Pharma Corp. (“Correvio”).
This acquisition will provide ADVANZ PHARMA with an immediate and direct commercial and medical presence in Germany, France, Spain, Italy, and the Benelux region, while strengthening its existing presence in the Nordics and the United Kingdom. It will also bring a portfolio of innovative high-quality brands that are sold in more than 60 countries around the world. ADVANZ PHARMA paid approximately $76 million for the acquisition with its cash on hand.
“This is a transformative step for our company that is directly aligned with our purpose to deliver enhanced access to niche established medicines,” said Graeme Duncan, Chief Executive Officer of ADVANZ PHARMA. “The acquisition of Correvio is in line with our growth strategy and is an important step in our journey of becoming the leading platform for niche-established medicines. Not only will this mean we are combining two highly skilled and talented workforces, it will also deepen our reach across Western Europe and expand our supply of over 200 medicines, for the benefit of patients and healthcare systems.”
Correvio, now a wholly-owned subsidiary of ADVANZ PHARMA, is a specialty pharmaceutical company focused on providing innovative, high-quality brands that meet the needs of acute care physicians and patients. The acquisition of Correvio will strengthen the medicine portfolio of ADVANZ PHARMA to include an established brand, and two growing, patent-protected brands, plus a pipeline of potential product launches. These medicines are highly complementary to the current priorities and future focus of niche-established medicines.
At ADVANZ PHARMA, we focus on innovating and revitalising niche established medicines that may otherwise not be available. By extending our commercial and medical capabilities, enhancing supply reliability and where viable, optimising or improving medicines, we enhance patient care and provide greater prescriber choice. Globally, over the last 15 years, more than 25 legacy brands have been acquired and, within the past two years alone, ADVANZ PHARMA has signed 23 licensing deals, acquired three new product portfolios and has now completed the acquisition of Correvio Pharma.
 All dollar amounts in this press release are in U.S. dollars unless otherwise indicated.