Covis Pharma Group, a global specialty pharmaceutical company that markets therapeutic solutions for patients with life-threatening conditions and chronic illnesses, announced that Covis Pharma GmbH has acquired Eklira® (aclidinium bromide), known as Tudorza® in the US and marketed as Bretaris® in some countries, and Duaklir® (aclidinium bromide/formoterol), marketed as Brimica® in some countries, from AstraZeneca.
The addition of these medicines to Covis’ respiratory offering is a strong strategic complement to the company’s existing therapeutic portfolio. These medicines are used for the treatment of chronic obstructive pulmonary disease (COPD), which was the third leading cause of death worldwide in 2019.i
Building upon Covis’ previous acquisition of the global rights to respiratory medicines Alvesco, Omnaris and Zetonna from AstraZeneca in 2018, the company’s expanded respiratory platform will create a continuum of care for respiratory patients. This acquisition marks the next stage of the company’s growth as a global market leader in commercializing and developing therapeutic solutions for the most serious conditions affecting patients in existing and new therapeutic areas.
“This acquisition represents a highly strategic and synergistic transaction with AstraZeneca, enabling Covis to offer a full continuum of best-in-class therapies for allergic rhinitis, asthma and COPD,” said Covis CEO Michael Porter. “As a result of the acquisition, Covis is firmly placed as one of the top 10 respiratory companies in the world. Combined with our presence in other therapeutic areas and our internal life cycle management and product development programs, this transaction will further enhance our efforts to meet the evolving needs of patients and their health care providers.”
Covis will pay AstraZeneca US$270m on completion. Covis will also cover certain ongoing development costs related to the medicines. The agreement showcases Covis’ continued ability to transact with leading biopharmaceutical partners to ensure patient access to established therapies and positions the company to further support patients suffering from a variety of respiratory conditions. In connection with the transaction, Barclays is acting as financial advisor to Covis and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor to Covis. Buchanan Ingersoll & Rooney PC, Sidley Austin LLP and Fasken Martineau LLP provided regulatory and intellectual property law advice to Covis.
