NEW YORK--(BUSINESS WIRE)--Deerfield has committed up to $300 million to create and build Aralez Pharmaceuticals Ltd. Aralez will bring together a proven management team with the existing products and pipelines from POZEN Inc. and Tribute Pharmaceuticals Canada, to form a new specialty pharmaceutical company with exceptional prospects.
Deerfield will provide $75 million in 6 year convertible notes, up to $25 million in equity and a $200 million commitment available for future product acquisitions. This financing provides Aralez with the capital to establish its US commercial presence and launch pipeline products, including YOSPRALA™ upon FDA approval. It also enables the company to aggressively pursue synergistic business development and licensing opportunities.
“We are pleased and excited to partner with Adrian Adams and Andrew Koven, a proven senior management team, by creating a tax advantaged company with a diverse product portfolio of commercial assets, the anticipated 2016 launch of YOSPRALA and a strong balance sheet to fund additional growth opportunities.” said Alex Karnal, a Partner at Deerfield Management.
“We are delighted that Deerfield, a leading investor in healthcare and pharmaceuticals sectors with an impressive track record of investing in innovative companies is our partner in creating Aralez. With this vote of confidence, Aralez will have a unique mix of capital, products and talent, enabling us to drive significant innovation and growth,” commented Adrian Adams, Chief Executive Officer of POZEN Inc. “Deerfield has been an important catalyst in bringing together the people and assets necessary to form this strategically compelling company, and will be an important partner in assessing and financing additional commercial assets for Aralez in the years ahead.”
The transactions resulting in the combination of POZEN and Tribute with newly-formed Irish parent, Aralez, are subject to stockholder approval by the POZEN and Tribute stockholders as well as other closing conditions. Aralez Pharmaceuticals Ltd. will re-register as Aralez Pharmaceuticals plc upon closing of such transactions.
About Tribute Pharmaceuticals Canada
Tribute is a specialty pharmaceutical company with a primary focus on the acquisition, licensing, development and promotion of healthcare products in Canada and the U.S. markets.
Tribute markets Cambia® (diclofenac potassium for oral solution), Bezalip® SR (bezafibrate), Soriatane® (acitretin), NeoVisc® (1.0% sodium hyaluronate solution) Uracyst® (sodium chondroitin sulfate solution 2%), Fiorinal®, Fiorinal® C, Visken®, Viskazide® and Collatamp® G in the Canadian market. Additionally, NeoVisc® and Uracyst® are commercially available and are sold globally through various international partnerships. Tribute also has the U.S. rights to Fibricor® and its related authorized generic. In addition, it has the exclusive U.S. rights to develop and commercialize Bezalip® SR in the U.S. and has the exclusive right to sell bilastine, a product licensed from Faes Farma for the treatment of allergic rhinitis and chronic idiopathic urticaria (hives), in Canada. The exclusive license is inclusive of prescription and non-prescription rights for bilastine, as well as adult and pediatric presentations in Canada. This product is subject to receiving Canadian regulatory approval.
The Company's common stock is traded on the TSXV under the symbol "TRX" or on the OTCQX under the symbol "TBUFF." For more detailed company information, including copies of this and other press releases, please visit www.tributepharma.com.
About POZEN
POZEN Inc. is a specialty pharmaceutical company that to date has historically focused on developing novel therapeutics for unmet medical needs and licensing those products to other pharmaceutical companies for commercialization. By utilizing a unique in-source model and focusing on integrated therapies, POZEN has successfully developed and obtained FDA approval of two self-invented products. Funded by these milestones/royalty streams, POZEN has created a portfolio of cost-effective, evidence-based integrated aspirin therapies designed to enable the full power of aspirin by reducing its GI damage.
The Company's common stock is traded under the symbol “POZN” on The NASDAQ Global Market. For more detailed company information, including copies of this and other press releases, please visit www.pozen.com.
About Deerfield
Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.
For more information, please visit www.deerfield.com