Advanz Pharma has announced it has completed its acquisition of speciality pharmaceutical company Correvio Pharma.
Acquisition
Advanz focuses on extending the availability of niche medicines across multiple therapeutic areas. Its acquisition of Correvio will give it a direct presence in Germany, France, Spain, Italy, and the Benelux region through the company’s portfolio of branded medicines - which includes treatments for bacterial skin infections, antibiotics for community and hospital-acquired pneumonia, and treatments for cardiovascular problems. Advanz states it acquired Correvio for approximately $76 million with 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. “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.”