Pozen acquired Tribute Pharmaceuticals Canada, a specialty pharmaceutical company, for US$146 million. Upon completion of the acquisition, which is expected to occur in the fourth quarter of 2015, the combined company will be named Aralez Pharmaceuticals and headquartered in Ireland.
According to Pozen officials, the acquisition will create a premier specialty pharmaceutical company with a broad portfolio of commercial products. The company will also expand its foreign presence through potential international sales and licensing, manufacturing, and product development.
Pozen’s lead proprietary product is YOSPRALA™, a coordinated-delivery tablet designed to provide the cardiovascular benefit of aspirin while reducing its gastrointestinal side effects. Pozen also has two commercial pain products, VIMOVO® and Treximet®, which are marketed by partners worldwide. Tribute’s highly complementary portfolio includes Fibricor®, Bezalip® SR and Visken®/Viskazide® for various cardiovascular indications; Cambia® and Fiorinal® and Fiorinal® C for acute migraines and tension headaches, respectively; and a range of other specialty products.
“Pozen is focused on becoming a leading player in the North American specialty pharmaceuticals space, and we expect this transformative acquisition to enhance our offerings while providing significant benefits for all of our stakeholders,” said Adrian Adams, CEO of Pozen, who will lead the combined Company. “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. I have tremendous respect for [Pozen CEO] Rob Harris and what he and the entire Tribute team have built; we look forward to welcoming them to Pozen.”
In connection with the acquisition, a syndicate of leading healthcare investors, led by Deerfield, has committed up to US$350 million in growth capital for the combined company, intended to support the anticipated commercial launch of YOSPRALA and for future acquisitions. Such financing is expected to close simultaneously with the closing of the transaction with Tribute.
“This is an ideal opportunity to invest in a team, led by Adrian Adams, that knows how to foster innovation in healthcare,” said James Flynn, managing partner at Deerfield. “On behalf of our other investors, we offer our full support and look forward to seeing real change in the market in the not-so-distant future.”
