Blog Exposure – Cipher to Acquire Cardiome’s Canadian Business Portfolio for $25.5 Million in Cash

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LONDON, UK / ACCESSWIRE / March 22, 2018 / Active-Investors.com has just released a free research report on Cardiome Pharma Corp. (NASDAQ: CRME). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CRME as the Company’s latest news hit the wire. On March 20, 2018, the Company announced that it has inked an agreement to sell its Canadian business portfolio to Cipher Pharma. Cardiome will receive an upfront and non-dilutive consideration of approximately $25.5 million in cash from Cipher. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Apricus Biosciences, Inc. (NASDAQ: APRI), which also belongs to the Healthcare sector as the Company Cardiome Pharma. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Cardiome Pharma most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=CRME

Deal Details

The proposed transaction will be completed following Cipher’s acquisition of all of the outstanding shares of Cardiome, following restructuring of the latter. Cipher will fund the acquisition with a combination of cash and new debt.

The newly created Canadian entity is named Correvio Pharma Corp. that will apply for a substitution listing on the NASDAQ and the Toronto Stock Exchange (TSX).

Cardiome shareholders will receive common shares of Correvio on a one-for-one ratio. All of the outstanding common shares of Cardiome will be assigned and transferred to Correvio in exchange for common shares of Correvio.

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 agreement is subject to approvals from shareholders of Cardiome and the Supreme Court of British Columbia, and other regulatory approvals.

The Canadian business portfolio to be acquired by Cipher includes commercial and pipeline hospital products administered in the acute care setting, including Brinavess® (vernakalant IV), Aggrastat® (tirofiban hydrochloride), Xydalba™ (dalbavancin hydrochloride), and Trevyent®.

Strategic Benefits of the Deal

The deal establishes a long-term collaboration with a top-tier Canadian pharmaceutical company that is expected to result in additional product licenses between the two companies. The agreement provides Cipher access to future product opportunities as Correvio’s preferred partner in the Canadian territory. The proposed structure preserves Cipher’s potential tax attributes existing within Cardiome.

The divesture enables Cardiome to focus its internal resources on rapidly growing European direct sales business and rest of world commercial initiatives. It also provides financial flexibility to Cardiome to execute new strategic transactions and add new Europe-focused growth products.

Acquisition Marks Cipher’s Entry into Hospital Specialty Vertical

Robert D. Tessarolo, President and CEO of Cipher, mentioned that this acquisition accelerates the expansion of the Company’s Canadian commercial portfolio, bringing additional revenue streams and pipeline assets, while marking Cipher’s entry into the Hospital Specialty vertical, which is a growing segment of the Canadian market.

Robert added that the business being acquired has products for well-defined patient populations in the acute care setting where Cipher can leverage its commercial capabilities and the important work already completed by Cardiome.

About Cardiome Pharma Corp.

Cardiome Pharma is a revenue-generating, specialty pharmaceutical company focused on providing innovative, high-quality brands that meet the needs of acute care physicians and patients. Headquartered in Vancouver, Canada, the Company has a commercial presence and distribution network covering over 60 countries worldwide.

About Cipher Pharma

Founded in 2000 and based in Mississauga, Ontario, Cipher is a specialty pharmaceutical company with a robust and diversified portfolio of commercial and early to late-stage products. It acquires products that fulfill unmet medical needs, manages the required clinical development and regulatory approval process, and markets those products either directly in Canada or indirectly through partners in Canada, the US, and South America.

Stock Performance Snapshot

March 21, 2018 – At Wednesday’s closing bell, Cardiome Pharma’s stock climbed 3.35%, ending the trading session at $1.85.

Volume traded for the day: 453.71 thousand shares, which was above the 3-month average volume of 150.68 thousand shares.

Stock performance in the last month – up 28.47%; previous three-month period – up 27.59%; and year-to-date – up 19.35%

After yesterday’s close, Cardiome Pharma’s market cap was at $62.60 million.

The stock is part of the Healthcare sector, categorized under the Drug Manufacturers – Other industry.

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