Cerberus-backed Covis to Sell Assets to Concordia for $1.2B
March 10, 2015
Covis Pharma, a portfolio company of Cerberus Capital Management, has entered into an agreement to sell a substantial drug portfolio to Concordia Healthcare (TSX: CXR) for $1.2 billion. The portfolio being acquired consists of 18 branded pharmaceuticals, injectables and other authorized generics that address life threatening and serious medical conditions in therapeutic areas such as cardiovascular, central nervous system, oncology and acute care markets. Covis expects the portfolio to generate between $140 million and $145 million in revenue with a gross profit margin of roughly 90% for its fiscal 2014. Cerberus has backed Covis since 2011.