Advanz Pharma

In July 2021 the Competition and Markets Authority found that the company "exploited a loophole enabling it to reap much higher profits"{{cite news|url=https://www.bbc.co.uk/news/business-58009149|title=Drug firm fined for huge price rise that hit NHS|agency=BBC}} and was directly fined £40.9m. It raised the price of liothyronine tablets from £6 a pack to £248 in 2017. Its former private equity owners HgCapital and Cinven, which now form part of the company, were also fined £8.6 million and £51.9 million respectively. The company's response was that they take "competition law very seriously. We utterly disagree with the CMA’s decision on the pricing of liothyronine tablets and will be appealing. In addition, any liothyronine price increases were all pre-notified to, and agreed in advance and in writing by, the Department of Health and Social Care.”{{cite news |title=‘Completely unacceptable’: Drug firm Advanz fined £100m for making thyroid drug unaffordable for NHS |url=https://www.independent.co.uk/news/health/advanz-fine-thyroid-drug-nhs-b1893022.html |archive-url=https://web.archive.org/web/20210729144329/https://www.independent.co.uk/news/health/advanz-fine-thyroid-drug-nhs-b1893022.html |archive-date=2021-07-29 |url-access=limited |url-status=live |access-date=29 July 2021 |publisher=Independent |date=29 July 2021}}

Cidron Aida Bidco, a subsidiary of Nordic Capital acquired Advanz Pharma for "all issued and to-be-issued limited voting share capital" totaling $846m.{{Cite news |date=January 27, 2021 |title=Nordic Capital offers to buy Advanz Pharma |url=https://www.reuters.com/article/markets/nordic-capital-offers-to-buy-advanz-pharma-idUSL4N2K225R/ |work=Reuters}} Share holders will receive $17.26 in cash per share in accordance with the acquisition deal. This acquisition is expected to assist in the growth of Advanz Pharma by providing investment and capacities support.{{Cite web |last=Priyan |first=Vishnu |date=2021-06-02 |title=Nordic Capital acquires Advanz Pharma for $846m |url=https://www.pharmaceutical-technology.com/news/nordic-acquires-advanz-pharma/ |access-date=2024-04-12 |website=Pharmaceutical Technology |language=en-US}}

Effective January 1, 2020, Advanz Pharma moved from Canada to Jersey with headquarters in London.{{cite press release |url= https://www.prnewswire.com/news-releases/advanz-pharma-corp-announces-proposal-to-re-domicile-from-canada-to-europe-300965425.html |title=ADVANZ PHARMA Corp. Announces Proposal to Re-domicile from Canada to Europe |agency=CNW Group |date=November 27, 2019 |access-date=March 27, 2020}} In March, ADVANZ PHARMA de-listed its shares from the Toronto Stock Exchange{{cite press release |url=https://www.newswire.ca/news-releases/advanz-pharma-corp-limited-completes-voluntarily-delisting-from-the-toronto-stock-exchange-811592679.html |title=ADVANZ PHARMA Corp. Limited Completes Voluntarily Delisting from the Toronto Stock Exchange |agency=CNW Group |date=March 27, 2020 |access-date=March 27, 2020}} and the company acquired Correvio Pharma Corp. for US$76 million.{{cite press release |url=https://finance.yahoo.com/news/advanz-pharma-acquire-correvio-110000122.html |title=ADVANZ PHARMA to Acquire Correvio |agency=CNW Group |date=March 27, 2020 |access-date=March 27, 2020}}

In January 2019 the Competition and Markets Authority altered its investigation period, saying that “the price paid by the NHS for liothyronine tablets rose from £15.15 to £258.19, a rise of 1,605%, while production costs remained broadly stable”. The company said that price increases were notified in advance and implemented only after approval from the Department of Health and Social Care.{{cite news |title=CMA investigates 1,600% price increase of liothyronine over eight-year period |url=https://www.pharmaceutical-journal.com/20206079.article |access-date=17 March 2019 |publisher=Pharmaceutical Journal |date=31 January 2019 |archive-date=30 December 2019 |archive-url=https://web.archive.org/web/20191230163626/https://www.pharmaceutical-journal.com/20206079.article |url-status=dead }}

The British Competition and Markets Authority launched an investigation into the alleged “excessive and unfair pricing” of liothyronine tablets in 2017. It alleged that the company overcharged the NHS from before 2007 to July 2017. The price of a pack increased by almost 6,000% from £4.46 before it was debranded in 2007 to £258.19 by July 2017.

In February 2016, CEO Mark Thompson transferred his entire stock holdings to an Ontario numbered company. In March, a special committee was set up within the company to evaluate suitors for a takeover. Each of the suitors was a private equity firm. The company was not sold and in October 2016, the company formally ended the special committee. During this time, CEO Mark Thompson, via shares backed collateral loan, saw his shares being sold on the public market during August, September and October.{{cite news|url=https://www.canadianinsider.com/company?menu_tickersearch=CXR|title=Insider transaction for CXR|agency=Canadian Insider}}{{cite news|url=https://www.forbes.com/sites/nathanvardi/2016/08/22/concordia-healthcare-says-chunk-of-ceos-shares-sold-in-margin-call/|title=Concordia Healthcare Says Chunk Of CEO's Shares Sold In Margin Call|last=Vardi|first=Nathan|date=22 August 2016|work=Forbes}}

On September 15, 2016, the British Parliament proposed a new bill, the "Health Service Medical Supplies (Costs) Bill" {{Cite web|url=https://www.gov.uk/government/publications/health-service-medical-supplies-costs/health-service-medical-supplies-costs-bill-factsheet|title=Health Service Medical Supplies (Costs) Bill factsheet - GOV.UK|website=www.gov.uk|access-date=2016-10-25}} The bill addressed overcharging and members of Parliament specifically named AMCo It was unanimously approved October 24, 2016.{{Cite web|url=https://www.parliament.uk/business/news/2016/october/commons-health-service-medical-supplies-costs-bill/|title=Health Service Medical Supplies (Costs) Bill: Commons Second Reading - News from Parliament|website=UK Parliament|access-date=2016-10-25}}

On October 21, 2016, the company announced that Mark Thompson was stepping down as CEO and chairman of the board.{{Cite news |date=October 22, 2016 |title=Concordia International CEO Mark Thompson resigns |url=https://www.reuters.com/article/business/concordia-international-ceo-mark-thompson-resigns-idUSASC09CCZ/ |work=reuters.com}}

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.{{cite news|url=https://www.bloomberg.com/news/articles/2015-03-09/concordia-agrees-to-buy-covis-health-assets-for-1-2-billion|title=Concordia Agrees to Buy Covis Health Assets for $1.2 Billion|last=Deveau|first=Scott|date=9 March 2015|agency=Bloomberg}}{{cite news|url=https://www.wsj.com/articles/concordia-healthcare-to-buy-some-assets-of-covis-pharma-1425902896|title=Concordia Healthcare to Buy Some Assets of Covis Pharma|first=Judy|date=9 March 2015|work=The Wall Street Journal|url-access=subscription |author=McKinnon}} Concordia acquired eighteen drugs as part of the transaction and anticipated a 50% increase in earnings per share for the year.{{Cite journal|last=Staff|date=1 April 2015|title=Concordia Buys Covis Drugs for $1.2B|url=http://www.genengnews.com/gen-news-highlights/concordia-buys-covis-drugs-for-1-2b/81251009/|journal=Genetic Engineering & Biotechnology News|type=Paper|volume=35|issue=7|page=10}}

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In September, Concordia 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.[http://www.marketwatch.com/story/concordia-agrees-to-buy-amdipharm-mercury-in-35-billion-deal-2015-09-08 Concordia agrees to buy Amdipharm Mercury in $3.5 billion deal], Ciara Linnane, Marketwatch, New York, 8 September 2015. Retrieved: 19 September 2015.[http://www.privateequitywire.co.uk/2015/09/08/229796/cinven-sell-amco-concordia-healthcare-corp Cinven to sell AMCo to Concordia Healthcare Corp, Private Equity Wire, St Helier, Jersey, 8 September 2015].Retrieved: 19 September 2015. 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.

In January the company completed a five-year exclusive distribution deal with Lachlan Pharma Holdings to distribute Ulesfia in the United States.{{Cite web |last=MarketScreener |date=2014-01-06 |title=Concordia Healthcare Corp. Announces Exclusive Distribution Agreement for Ulesfia with Lachlan Pharma Holdings -January 06, 2014 at 08:23 am EST {{!}} MarketScreener |url=https://www.marketscreener.com/quote/stock/ADVANZ-PHARMA-CORP-LIMITE-120795449/news/Concordia-Healthcare-Corp-Announces-Exclusive-Distribution-Agreement-for-Ulesfia-with-Lachlan-Pharm-38851195/ |access-date=2025-01-27 |website=www.marketscreener.com |language=en-US}} 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.{{Cite web |last=MarketScreener |date=2014-03-20 |title=Concordia Healthcare Corp. signed an agreement to acquire Donnatal from Donnatal for approximately $270 million. -March 20, 2014 at 12:00 am EDT {{!}} MarketScreener |url=https://www.marketscreener.com/quote/stock/ADVANZ-PHARMA-CORP-LIMITE-120795449/news/Concordia-Healthcare-Corp-signed-an-agreement-to-acquire-Donnatal-from-Donnatal-for-approximately--38781712/ |access-date=2025-01-27 |website=www.marketscreener.com |language=en-US}} The deal was completed in May. In September, the company entered into its first collaboration with Orphan Canada.{{cite web|url=https://finance.yahoo.com/news/concordia-healthcare-corp-enters-collaboration-110000887.html|title=Concordia Healthcare Corp. enters into collaboration agreement with Orphan Canada|date=2 September 2014|work=Yahoo Finance}} In the same month, the company announced it would acquire Zonegran in the United States and Puerto Rico, for $90 million.{{cite web|url=http://www.newswire.ca/en/story/1405644/concordia-healthcare-announces-agreement-to-acquire-zonegran-in-the-united-states-and-puerto-rico|title=Concordia Healthcare Corp. - Concordia Healthcare Announces Agreement to Acquire Zonegran® in the United States and Puerto Rico|work=newswire.ca}}

In May the company acquired Pediatric products (Kapvay, Orapred ODT & OS) from Shionogi Inc.{{Cite web|url=https://www.shionogi.com/global/en/company.html|title=About Shionogi|website=www.shionogi.com}}{{cite web|url=https://www.pharmamedtechbi.com/deals/201320255|title=Concordia acquires several pediatric products from Shionogi|work=pharmamedtechbi.com}} In October the company acquired Complete Medical Homecare,{{cite news|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=253565333|title=Complete Medical Homecare, Inc. And Midwest Medical Services, Inc. And Global Medical Direct LLC: Private Company Information - Businessweek|work=Businessweek.com}} then in December the company completed the takeover of Mercari Acquisition Corp.{{Cite web |last=MarketScreener |date=2013-10-24 |title=Concordia Healthcare Inc. entered into a letter of intent to acquire Mercari Acquisition Corp. (TSXV:MV.H) in a reverse merger transaction. -24 October 2013 {{!}} MarketScreener |url=https://au.marketscreener.com/quote/stock/ADVANZ-PHARMA-CORP-LIMITE-120795449/news/Concordia-Healthcare-Inc-entered-into-a-letter-of-intent-to-acquire-Mercari-Acquisition-Corp-TSXV-38917509/ |access-date=2025-01-27 |website=au.marketscreener.com |language=en-AU}} as well as Pinnacle Biologics Inc, and began trading on the Toronto stock exchange.{{Cite web |last=Staff |first=G. E. N. |date=2013-12-24 |title=Concordia Healthcare Acquires Pinnacle Biologics |url=https://www.genengnews.com/news/concordia-healthcare-acquires-pinnacle-biologics/ |access-date=2025-01-27 |website=GEN - Genetic Engineering and Biotechnology News |language=en-US}}

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Category:Companies formerly listed on the Toronto Stock Exchange

Category:Pharmaceutical companies of Canada

Category:Pharmaceutical companies established in 1963

Category:1963 establishments in Ontario