Business
Cipher Pharmaceuticals and Cardiome Pharma Announce Strategic Transaction for Canadian Business Portfolio of Cardiome
Cipher Pharmaceuticals and Cardiome Pharma Announce Strategic Transaction for Canadian Bus...
About this update from Cipher Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCipher Pharmaceuticals and Cardiome Pharma Announce Strategic Transaction for Canadian Business Portfolio of Cardiome\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, and VANCOUVER, March 20, 2018\n\n\n\nCipher to Acquire Cardiome's Canadian Business Portfolio, Comprised of Four Commercial and Pipeline Assets Targeting Cardiovascular and Anti-Infective Indications for Upfront Consideration of $25.5 Million CAD\n\n\n\nMISSISSAUGA, ON, and VANCOUVER, March 20, 2018 /CNW/ - Cipher Pharmaceuticals Inc. (TSX: CPH) and Cardiome Pharma Corp. (Nasdaq:CRME and TSX:COM), today announced their entry into a definitive arrangement agreement pursuant to which Cipher will acquire the Canadian business portfolio of Cardiome.  The proposed transaction will be completed pursuant to the acquisition by Cipher of all of the outstanding shares of Cardiome, following a restructuring of Cardiome pursuant to a statutory plan of arrangement under the Canada Business Corporations Act.  Pursuant to the arrangement, Cardiome shareholders will receive common shares, on a one-for-one ratio, of a newly created Canadian entity named Correvio Pharma Corp. that will apply for a substitution listing on the Nasdaq and TSX. Correvio will acquire and hold all of Cardiome's pre-transaction assets, excluding the Canadian business portfolio being acquired by Cipher under the arrangement.  The arrangement is described in further detail below. \n\nThe Canadian business portfolio to be acquired by Cipher includes commercial and pipeline hospital products administered in the acute care setting, including:\n\n\nBrinavess® (vernakalant IV), for the rapid conversion of recent onset atrial fibrillation to sinus rhythm;\nAggrastat® (tirofiban hydrochloride), for the reduction of thrombotic cardiovascular events in patients with acute coronary syndrome;\nXydalba™ (dalbavancin hydrochloride), the first and only 30-minute, one-dose treatment option for the treatment of acute bacterial skin and skin structure infe...