VANCOUVER, British Columbia and GENEVA, November 18, 2013 /PRNewswire/ --
-- Company to host webcast and conference call today at 5:00 p.m. EST -
NASDAQ: CRME TSX: COM
Cardiome Pharma Corp. today announced that it has completed the acquisition of Correvio LLC ("Correvio"), a privately held pharmaceutical company headquartered in Geneva, Switzerland. Key benefits of the transaction include the following:
- Accelerates Cardiome's launch of BRINAVESS(TM) (vernakalant IV) and its
transformation into a global commercial organization positioned for future growth
- Correvio is an EBITDA positive, European, specialty pharmaceutical company
selling Aggrastat(R) (tirofiban HCL) to cardiologists in over 60 countries worldwide
with annual revenues of US$30+ million
- Brings together two highly complementary, in-hospital, intravenous, cardiology
products sold through a direct sales force in Europe and via specialty distributors
elsewhere
- Reduces BRINAVESS build out costs and shortens the time to profitability by
providing an established operational and financial infrastructure with significant
operating cost synergies
- Transaction expected to be accretive immediately
"The acquisition of Correvio markedly accelerates Cardiome's recent transformation from a research and development-based company to an integrated, commercial, specialty pharmaceutical company. The Correvio acquisition fulfills many of our immediate strategic needs by providing an operational European platform, global distribution, complementary products and the financial flexibility required to accelerate the launch of BRINAVESS," stated William Hunter, M.D., Cardiome's president and CEO. "The cash contribution from synergistic sales of AGGRASTAT will lessen our reliance on external financing by providing low cost, ongoing funding while also shortening our road to profitability."
"We have worked hard over the years to build a scalable infrastructure to successfully promote and support AGGRASTAT sales worldwide," stated Bert Van Den Bergh, chairman of Correvio. "It's exciting to see a growing product like BRINAVESS able to leverage off of our existing hospital-based, cardiology platform and capitalize on significant operational efficiencies."
Under the terms of the agreement, Cardiome has acquired 100% of Correvio through the purchase of a combination of assets and shares of its subsidiaries in exchange for 19.9% of Cardiome's outstanding shares (proforma ownership of approximately 16.6%) and a deferred cash consideration of US$12 M. The deferred cash consideration will be repaid monthly at an amount equal to 10% of cash receipts from product sales and any applicable interest accrued at 10% compounded annually. The adjusted deferred cash consideration must be repaid in full by December 1, 2019.
Conference Call
Cardiome will hold a teleconference and webcast to discuss the acquisition of Correvio at 5:00pm EST (2:00pm Pacific) on Monday, November 18th, 2013. To access the conference call, please dial (416) 764-8688 or (888) 390-0546 and use Conference ID: 08404139. The webcast can be accessed through Cardiome's website at http://www.cardiome.com. Webcast and telephone replays of the conference call will be available approximately two hours after the completion of the call through December 16, 2013. Please dial 416-764-8677 or 888-390-0541 and enter code 404139 to access the replay.
About Aggrastat(R) AGGRASTAT (tirofiban HCl) is a reversible GP IIb/IIIa inhibitor indicated for use in Acute Coronary Syndrome patients. The GP IIIb/IIa receptor is found on the platelet surface and is involved in platelet aggregation. AGGRASTAT prevents fibrinogen from binding to the GP IIb\IIIa receptor, thus blocking platelet aggregation. On October 9, 2013 the German regulatory agency BfArM, acting as the Reference Member State in the European Mutual Recognition Procedure (MRP), gave an approval on the indication statement for AGGRASTAT to include the reduction of major cardiovascular events in patients with acute myocardial infarction (STEMI) intended for primary PCI. Cardiome will support expansion of the AGGRASTAT label in other markets to also include use in STEMI patients.
About Cardiome Pharma Corp Cardiome Pharma Corp. is a specialty biopharmaceutical company dedicated to the discovery, development and commercialization of new therapies that will improve the health of patients suffering from heart disease around the world. Cardiome has one marketed product, BRINAVESS[TM] (vernakalant IV), approved in Europe and other territories for the rapid conversion of recent onset atrial fibrillation to sinus rhythm in adults.
Cardiome is traded on the NASDAQ Capital Market (CRME) and the Toronto Stock Exchange (COM). For more information, please visit http://www.cardiome.com.
About Correvio Correvio specializes in critical care with a deep understanding of interventional cardiology. Our business approach is to partner with healthcare professionals to help find the best therapeutic solution for their patients. In this context, we measure our success with Aggrastat(R) according to the number of Major Adverse Cardiac Events (MACE) prevented. Our Medical Information Centre (MIC) is available 24/7/365 to provide medical information support. For additional information about Correvio please visit http://www.correvio.com.
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