On January 5, 2022 Covis Pharma Group ("Covis"), a global specialty pharmaceutical company that markets therapeutic solutions for patients with life-threatening conditions and chronic illnesses, reported that Covis Pharma GmbH has completed the acquisition of Eklira (aclidinium bromide), known as Tudorza in the US and marketed as Bretaris in some countries, and Duaklir (aclidinium bromide/formoterol), marketed as Brimica in some countries, from AstraZeneca (the "Acquisition") (Press release, Covis Pharmaceuticals, JAN 5, 2022, View Source [SID1234609116]). Under the terms of the Acquisition agreement, AstraZeneca received a payment of $270m from Covis. AstraZeneca will also receive payments in respect of certain ongoing development costs related to the medicines.
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In addition, Covis is pleased to announce that it has entered into an Exclusive Promotion and Distribution Agreement (the "Novartis Distribution Agreement") with Novartis Pharmaceuticals Canada Inc. ("Novartis"), whereby Covis has been appointed as Novartis’ exclusive partner to promote and distribute PrSeebri Breezhaler and PrUltibro Breezhaler in Canada.
Building upon Covis’ previous acquisition of the global rights to respiratory medicines Alvesco, Omnaris and Zetonna from AstraZeneca in 2018, the completion of the Acquisition and the entering into of the Novartis Distribution Agreement, enables the company to continue to meet one of its key strategic initiatives to become a leading respiratory company by creating a platform to offer a continuum of care for respiratory patients.
"The closing of the acquisition and the expansion of our business in Canada with the Novartis partnership enables Covis to offer a full continuum of best-in-class therapies for allergic rhinitis, asthma and COPD and demonstrates our ability to engage with, and be a partner of choice for, leading pharmaceutical companies," said Covis CEO Michael Porter. "As previously announced, as a result of the acquisition and this partnership with Novartis, Covis is firmly placed as one of the top 10 respiratory companies in the world. We are excited about our growth in this therapeutic area, and maintaining access to these important therapies for patients and physicians."
In connection with the Acquisition, Barclays acted as financial advisor to Covis and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Covis. Buchanan Ingersoll & Rooney PC, Sidley Austin LLP and Fasken Martineau LLP provided regulatory and intellectual property law advice to Covis.
About the Medicines
Eklira (aclidinium bromide) and Duaklir (aclidinium bromide/formoterol) are inhaled respiratory medicines used for the maintenance treatment of COPD. Eklira is a long-acting muscarinic antagonist (LAMA), which is marketed in the US as Tudorza and in some countries as Bretaris. Duaklir is a combination therapy that contains both a LAMA and a long-acting beta2-agonist (LABA). It is marketed in some countries as Brimica. Both medicines are presented as a dry powder for inhalation and are delivered via a breath-actuated multi-dose dry powder inhaler, Genuair (Pressair in the US).
Seebri Breezhaler (glycopyrronium bromide) is a long-acting muscarinic antagonist (LAMA), indicated as a long-term once-daily maintenance bronchodilator treatment in patients with COPD including chronic bronchitis and emphysema. Ultibro Breezhaler (indacaterol maleate/glycopyrronium bromide) is a combination therapy that contains both a LAMA and a long-acting beta2-agonist (LABA). It is indicated for the long-term once-daily maintenance bronchodilator treatment of airflow obstruction in patients with COPD), including chronic bronchitis and emphysema, and for the reduction of exacerbations of COPD in patients with a history of exacerbations. Both medicines are a dry powder presented as capsules for oral inhalation via the Breezhaler, a breath-actuated dry powder inhaler.