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Medicure Announces Receipt of Deferred Proceeds from Apicore Sale
Medicure Announces Receipt of Deferred Proceeds from Apicore Sale Canada NewsWire ...
About this update from Medicure Inc.
[{"type":"text","content":"\n\n\n\nMedicure Announces Receipt of Deferred Proceeds from Apicore Sale\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\n\n\n\n\n\n\nCanada NewsWire\nWINNIPEG, Feb. 1, 2018\n\n\n\nWINNIPEG, Feb. 1, 2018 /CNW/ - Medicure Inc. (\"Medicure\" or the \"Company\") (TSXV:MPH, OTC:MCUJF), a pharmaceutical company, today announced that it has received the deferred purchase price proceeds of approximately US$50 million from the sale of its interests in Apicore to an arm's length, pharmaceutical company (the \"Buyer\"), a transaction that closed and was announced in October 2017.\n\nMedicure had acquired Apicore in a series of transactions occurring between July 3, 2014 and July 12, 2017 and had obtained a CDN$60 million loan towards these purchases, which was repaid after closing. Under the transaction, Medicure has now received net proceeds of approximately US$105 million.  The Company does not expect to receive any additional proceeds from the earnout arrangement, but does expect to receive, within the next eighteen months, the funds retained by the Buyer at closing as a holdback. \n\n\"We have now exited the Apicore business and are very pleased with the return on our investment\", stated Medicure's President and Chief Executive Officer, Dr. Albert D. Friesen. The Company intends to use these proceeds to further advance its product development pipeline and to pursue the acquisition of additional commercial cardiovascular products.\n\nAdditionally, the Company announced that its Board of Directors has approved the grant of 100,000 stock options to an officer of the Company pursuant to its stock option plan. These options, which are subject to the approval of the TSX Venture Exchange, are set to expire on the fifth anniversary of the date of grant and will be issued at an exercise price of $7.30 per share.  \n\nAbout Medicure Inc.\n\nMedicure is a pharmaceutical company focused on the development and commercialization of therapeutics for the U.S. cardiovascular market. The primary focus of the Company is the marketing and distribution of AGGRASTAT (tirofiban hydro...