Advanz Pharma

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Advanz Pharma
Public company
Traded asTWSE: ADVZ
IndustryPharmaceutical industry
Founded1963
HeadquartersLondon[1]
Key people
Graeme Duncan CEO)
Adeel Ahmad (CFO)[2]
ProductsLevothyroxine, Liothyronine, Acetazolamide, Terazosin, Chlortalidone, Maprotiline, Ergotamine, PhenobarbitalZonisamide, PilocarpineAlitretinoin, Nitrofurantoin, Carbimazole, Erythromycin, Biperiden, Flurbiprofen, Fusidic acid, Porfimer sodium, Digoxin, Nilutamide, Hydroxychloroquine
RevenueIncrease $537 million (2018)[3]
Websitewww.advanzpharma.com

Advanz Pharma, formerly known as Concordia Healthcare Corp is a publicly traded pharmaceutical company based in Canada. It changed its name in December 2018.[4] The company focuses on Attention-Deficit Hyperactivity Disorder, cancer and asthma. The company was founded in December 2012 [5] and has since pursued a corporate strategy of growth-through acquisition, much like fellow Canadian company Valeant Pharmaceuticals. Concordia uses Cardinal Health as its main distribution chain partner. The company also focuses on acquiring legacy pharmaceutical compounds which are usually off patent.[6] Concordia Healthcare Corp currently comprises three companies: Concordia Pharmaceuticals Inc., Pinnacle Biologics Inc., and Complete Medical Homecare Inc.[7]

Corporate history[edit]

2013[edit]

In May the company acquired Pediatric products (Kapvay, Orapred ODT & OS) from Shionogi Inc.[8][9] In October the company acquired Complete Medical Homecare,[10] then in December the company completed the takeover of Mercari Acquisition Corp.[11] as well as Pinnacle Biologics Inc,[12] and began trading on the Toronto stock exchange.

2014[edit]

In January the company completed a five-year exclusive distribution deal with Lachlan Pharma Holdings to distribute Ulesfia United States.[13] In March, the company entered into a definitive agreement to acquire the irritable bowel syndrome drug, Donnatal, from Revive Pharmaceuticals for $200 million and 4,605,833 common shares of company stock.[14] The deal was completed in May. In September the company entered into its first collaboration with Orphan Canada.[15] In the same month the company announced it would acquire Zonegran in the United States and Puerto Rico, for $90 million.[16]

2015[edit]

In March the company announced its largest acquisition to date when it agreed to buy the majority of assets of Covis Pharma Sarl and Covis Injectables Sarl for $1.2 billion in cash.[17][18] Concordia acquired eighteen drugs as part of the transaction and anticipated a 50% increase in earnings per share for the year.[19]

In September, Concordia paid European private equity firm Cinven $3.5 billion in cash and shares for UK-based global out-of-patent prescription pharmaceuticals firm Amdipharm Mercury - sometimes abbreviated to AMCo. The deal would "uniquely position the combined company as a leading, international pharmaceutical company with extensive geographic reach", said Concordia chief executive Mark Thompson.[20][21] 2015 Year-over-year revenue growth of $289 million or an increase of 276 per cent Year-over-year adjusted EBITDA1 growth of $206 million or an increase of 347 per cent

2016[edit]

In February 2016, Thompson transferred his entire stock holdings to an Ontario numbered company. In March, a special committee was set up within the company to evaluate suitors for a takeover. Each of the suitors was a private equity firm. The company was not sold and in October 2016, the company formally ended the special committee. During this time, Thompson, via a shares backed collateral loan, saw his shares being sold on the public market during August, September and October.[22][23]

On September 15, 2016, the British Parliament proposed a new bill, the "Health Service Medical Supplies (Costs) Bill" [24] The bill addressed overcharging and members of Parliament specifically named AMCo It was unanimously approved October 24, 2016.[25]

On October 21, 2016, the company announced that the CEO Mark Thompson was stepping down as CEO and chairman of the board.[26]

2017[edit]

The British Competition and Markets Authority launched an investigation into the alleged “excessive and unfair pricing” of liothyronine tablets in 2017. It alleged that the company overcharged the NHS from before 2007 to July 2017. The price of a pack increased by almost 6,000% from £4.46 before it was debranded in 2007 to £258.19 by July 2017.

2019[edit]

In January 2019 the Competition and Markets Authority altered its investigation period, saying that “the price paid by the NHS for liothyronine tablets rose from £15.15 to £258.19, a rise of 1,605%, while production costs remained broadly stable”. The company said that price increases were notified in advance and implemented only after approval from the Department of Health and Social Care.[27]

References[edit]

  1. ^ "Contact Advanz Pharma". advanzpharma.com.
  2. ^ "About Advanz Pharma". advanzpharma.com.
  3. ^ "Advanz Pharma Corp announces fiscal 2018 results". advanzpharma.com.
  4. ^ "Concordia International Corp. Announces Name Change to ADVANZ PHARMA Corp". Cision. 29 November 2018. Retrieved 17 March 2019.
  5. ^ "Milestones". concordiarx.com. Archived from the original on 2015-04-13. Retrieved 2015-04-09.
  6. ^ Stefanie Batcho-Lino (7 April 2015). "Valeant Clone Concordia Top Canada Stock as CEO Eyes Deal". Bloomberg.com.
  7. ^ "Overview - Concordia Healthcare Corp". concordiarx.com.
  8. ^ http://www.shionogi.co.jp/en/company/news/2013/pmrltj0000001q6t-att/e_130508.pdf
  9. ^ "Concordia acquires several pediatric products from Shionogi". pharmamedtechbi.com.
  10. ^ "Complete Medical Homecare, Inc. And Midwest Medical Services, Inc. And Global Medical Direct LLC: Private Company Information - Businessweek". Businessweek.com.
  11. ^ "Mercari Acquisition Corp. - Mercari Acquisition Corp. announces proposed qualifying transaction with Concordia Healthcare Inc". newswire.ca.
  12. ^ Concordia Healthcare Corp. (24 December 2013). "Concordia Healthcare Corp. Announces Acquisition Of Pinnacle Biologics, Inc". prnewswire.com.
  13. ^ Concordia Healthcare Corp. (6 January 2014). "Concordia Healthcare Corp. announces Exclusive Distribution Agreement for Ulesfia® with Lachlan Pharma Holdings". prnewswire.com.
  14. ^ Concordia Healthcare Corp. (20 March 2014). "Concordia Healthcare Announces Agreement to Acquire Donnatal®". prnewswire.com.
  15. ^ "Concordia Healthcare Corp. enters into collaboration agreement with Orphan Canada". Yahoo Finance. 2 September 2014.
  16. ^ "Concordia Healthcare Corp. - Concordia Healthcare Announces Agreement to Acquire Zonegran® in the United States and Puerto Rico". newswire.ca.
  17. ^ Deveau, Scott (9 March 2015). "Concordia Agrees to Buy Covis Health Assets for $1.2 Billion". Bloomberg.
  18. ^ McKinnon, Judy (9 March 2015). "Concordia Healthcare to Buy Some Assets of Covis Pharma". The Wall Street Journal.
  19. ^ Staff (1 April 2015). "Concordia Buys Covis Drugs for $1.2B". Genetic Engineering & Biotechnology News (Paper). 35 (7): 10.
  20. ^ Concordia agrees to buy Amdipharm Mercury in $3.5 billion deal, Ciara Linnane, Marketwatch, New York, 8 September 2015.Retrieved: 19 September 2015.
  21. ^ Cinven to sell AMCo to Concordia Healthcare Corp, Private Equity Wire, St Helier, Jersey, 8 September 2015.Retrieved: 19 September 2015.
  22. ^ "Insider transaction for CXR". Canadian Insider.
  23. ^ Vardi, Nathan (22 August 2016). "Concordia Healthcare Says Chunk Of CEO's Shares Sold In Margin Call". Forbes.
  24. ^ "Health Service Medical Supplies (Costs) Bill factsheet - GOV.UK". www.gov.uk. Retrieved 2016-10-25.
  25. ^ "Health Service Medical Supplies (Costs) Bill: Commons Second Reading - News from Parliament". UK Parliament. Retrieved 2016-10-25.
  26. ^ "Concordia International Corp. Announces CEO Transition Plan". prnewswire.com. 21 October 2016.
  27. ^ "CMA investigates 1,600% price increase of liothyronine over eight-year period". Pharmaceutical Journal. 31 January 2019. Retrieved 17 March 2019.