Concordia Healthcare

Concordia Healthcare Corp

Type	Public company
Traded as	TSX: CXR
Industry	Pharmaceutical industry
Founded	2012
Headquarters	Canada
Key people	Mark L. Thompson (President & CEO) Leith Tessy (CFO) Wayne Kreppner (COO)
Products	Kapvay, Zonegran, Donnatal
Revenue	$122 million (2014)[1]
Website

Concordia Healthcare Corp is a publicly traded pharmaceutical company based in Canada. The company focuses on Attention-Deficit Hyperactivity Disorder, cancer and asthma. The company was founded in December 2012 ^[2] 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.^[3] Concordia Healthcare Corp currently comprises three companies: Concordia Pharmaceuticals Inc., Pinnacle Biologics Inc., and Complete Medical Homecare Inc.^[4]

Corporate history

2013

In May the company acquired Pediatric products (Kapvay, Orapred ODT & OS) from Shionogi Inc.^[5][6] In October the company acquired Complete Medical Homecare,^[7] then in December the company completed the takeover of Mercari Acquisition Corp.^[8] as well as Pinnacle Biologics Inc,^[9] and began trading on the Toronto stock exchange.

2014

In January the company completed a five-year exclusive distribution deal with Lachlan Pharma Holdings to distribute Ulesfia United States.^[10] 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.^[11] The deal was completed in May. In September the company entered into its first collaboration with Orphan Canada.^[12] In the same month the company announced it would acquire Zonegran in the United States and Puerto Rico, for $90 million.^[13]

2015

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.^[14][15] Concordia acquired eighteen drugs as part of the transaction and anticipated a 50% increase in earnings per share for the year.^[16]

In September, Condordia 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.^[17][18] 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

In February 2016, Thompson transferred his entire stock holdings to an Ontario numbered company. In March, a Special Committee was setup within the company to evaluate suitors for a take over. Each of the suitors were private equity firms. 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.^[19][20]

On September 15, 2016, the British Parliament proposed a new bill, the "Health Service Medical Supplies (Costs) Bill" ^[21] The bill addressed overcharging and members of Parliament specifically named AMCo It was unanimously approved October 24, 2016.^[22]

On October 21, 2016, the company announced that the CEO Mark Thompson was stepping down as CEO and Chairman of the Board.^[23]

References