Norgine B.V. has sold the Canadian assets of its subsidiary Merus Labs International Inc. to Searchlight Pharma Inc., a Montreal based specialty pharmaceutical company controlled by Fonds de solidarité FTQ and Emerillon Capital. Financial terms were not disclosed
Searchlight will take ownership of and assume the distribution and promotion of Enablex® and Vancocin® in Canada effective immediately.
Norgine acquired Merus Labs International Inc. in July 2017 for $342 million. Norgine will retain all assets in markets outside Canada.
photo credit: Searchlight Pharam
Norgine B.V. to divest its Canadian assets acquired through Merus Labs International Inc. to Searchlight Pharma
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 approximately €3.4 million (CAD $5.1 million) in sales in 2017
AMSTERDAM and MONTREAL, Oct. 1, 2018 /CNW Telbec/ – 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.”
Notes to editors
Enablex® (darifenacin) is indicated for the treatment of overactive bladder. Overactive bladder is used to describe a collection of urinary symptoms composed of urgency, with or without urge incontinence, usually with frequency and nocturia, in the absence of proven infection or other obvious pathology. Enablex® belongs to a class of medicines called antimuscarinic medicines, which reduces abnormal bladder contractions, and is formulated as a once-a-day extended release tablet for oral use containing 7.5 mg or 15 mg of darifenacin.
Vancocin® (vancomycin) is indicated for the treatment of infections caused by susceptible strains of staphylococcal enterocolitis, and antibiotic-associated pseudomembranous colitis produced by Clostridium difficile. Vancomycin is in a class of medications called glycopeptide antibiotics, and is formulated as gelatin capsules containing 125 mg or 250 mg vancomycin.
Norgine is a leading European specialist pharmaceutical company with a direct commercial presence in all major European markets. In 2017, Norgine’s total net product sales were EUR 345 million, up 17 per cent.
Norgine employs over 1,000 people across its commercial, development and manufacturing operations and manages all aspects of product development, production, marketing, sale and supply.
Norgine specialises in gastroenterology, hepatology, cancer and supportive care.
Norgine is headquartered in the Netherlands. Norgine owns a R&D site in Hengoed, Wales and two manufacturing sites in Hengoed, Wales and Dreux, France.
For more information, please visit www.norgine.com.
In 2012, Norgine established a complementary business Norgine Ventures, supporting innovative healthcare companies through the provision of debt-like financing in Europe and the US. For more information, please visit www.norgineventures.com.
NORGINE and the sail logo are trademarks of the Norgine group of companies.
About Searchlight Pharma
Searchlight Pharma Inc., headquartered in Montreal, aspires to become a leading Canadian-based specialty healthcare company through best-in class execution of the search, acquisition, commercialization, and focused development of innovative and unique specialty healthcare products that improve life-long human health and wellness. With a core focus on women’s health, urology, and pediatrics, our team is committed to improving people’s lives by bringing the right products to market. Follow us, learn more about what we do, and get to know our product portfolio at www.searchlightpharma.com.
SOURCE Searchlight Pharma Inc.
For further information: for media representatives only: Isabelle Jouin, Corporate Communications, Norgine, T: +44 (0)1895 453643; Mark Nawacki, CPA, CA, President & CEO Searchlight Pharma Inc., Phone: 514-613-1513, email@example.com; For other queries: Christopher Bath, CFO, Norgine, T: +44(0)1895 453723