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Sunshine Biopharma Announces the Acquisition of Nora Pharma, Adding $10.7 Million in Revenue
MONTREAL, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Sunshine Biopharma Inc. (NASDAQ: “SBFM”), a pharmaceutical company focused on the research, development and
About this update from Sunshine Biopharma Inc.
[{"type":"text","content":"MONTREAL, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Sunshine Biopharma Inc. (NASDAQ: “SBFM”), a pharmaceutical company focused on the research, development and commercialization of oncology and antiviral drugs, today announced that it has completed the acquisition of all the outstanding shares of Nora Pharma Inc., effective immediately. As such, Nora Pharma Inc. is now a wholly owned subsidiary of Sunshine Biopharma Inc. Nora Pharma is one of North America’s fastest growing generic pharmaceuticals companies. The addition of Nora Pharma allows Sunshine Biopharma to expand its operations into the area of generic prescription drugs and biosimilars. The purchase price of $30,000,000 Canadian (approximately $21,900,000 US) was paid by cash, Sunshine Biopharma common stock, and an earn-out amount. “The strategic acquisition of Nora Pharma significantly expands our revenue stream and is expected to generate multi-year top-line and bottom-line growth going forward,” said Dr. Steve Slilaty, CEO of Sunshine Biopharma. Dr. Slilaty continued, “This acquisition gives Sunshine a solid position in the generic prescription drugs industry and brings us closer to our objective of becoming a fully-integrated pharma company.” Malek Chamoun, founder and president of Nora Pharma said, “Sunshine brings additional expertise and financial resources which will help Nora with its accelerated growth plan and leadership in the supply of high quality, affordable medicines to the Canadian market.” Based in the Greater Montreal area, Nora Pharma has 36 employees and operates in a 15,000 square foot facility certified by Health Canada. Nora Pharma currently offers over 50 pharmaceutical products, including generic prescription drugs, over-the-counter products and biosimilars. Nora Pharma and its service arm that commercializes under the name Lea Solutions will continue to operate without changes going forward. Dr. Slilaty added, “Nora Pharma will operate as a subsidiary of Sunshine Biopharma, with Mr. Chamoun as president. We are happy to have the Nora employees join the Sunshine Biopharma family.” About Nora Pharma Inc. Nora Pharma is a Canadian pharmaceutical company offering generic and specialty drugs across the country. Nora Pharma is positioned as a partner of choice in optimizing the service offering to pharmacy partners and providing patients with access to aff...