WINNIPEG, MB, Dec. 17, 2020 /CNW/ - Medicure Inc.
("Medicure" or the "Company") (TSXV: MPH) (OTC:
MCUJF), a cardiovascular pharmaceutical company, today announced
that, through its wholly-owned U.S. subsidiary, Medicure Pharma
Inc., it entered into a definitive agreement on December 15, 2020, to acquire 100% of Marley
Drug, Inc ("Marley"), a leading specialty pharmacy serving
more than 30,000 customers across the
United States, from an arms-length third-party, for an
upfront payment on closing of USD $6.3
million, subject to certain holdbacks, as well as additional
payments based on future performance of Marley. Marley
generated unaudited revenue and EBITDA of approximately USD
$7.0 million and over USD
$1.7 million for the 12-month
period ended October 31, 2020, respectively.
Marley provides excellent customer service, cost competitive
medications, immediate direct to patient delivery, and is licensed
in all 50 states, Washington D.C.
and Puerto Rico. Its advanced
operating systems include automated pill dispensing, an extended
supply generic drug program, and an effective customer
communication system. Marley has been successful in marketing
directly to customers, providing access to medications without the
need for insurance, and building a nationwide customer base.
"This transaction marks the start of an exciting new chapter for
our company," said Albert D. Friesen, PhD, Chief Executive
Officer of Medicure and Chair of its Board of Directors. "We look
forward to welcoming the Marley specialty pharmacy team and
dedicated customers and physicians. The combined business
will be well positioned to strengthen our existing national
platforms, accelerate growth of Medicure's primary care drug,
ZYPITAMAG® (pitavastatin) tablets, realize material
synergies and generate substantial shareholder value." The Company
remains focused on the sale and commercial development of its
existing products.
Medicure intends to finance the acquisition of Marley with a
term loan from a Canadian commercial bank.
About Medicure Inc.
Medicure is a pharmaceutical
company focused on the development and commercialization of
therapies for the U.S. cardiovascular market. The present focus of
the Company is the marketing and distribution of
AGGRASTAT® (tirofiban hydrochloride) injection and
ZYPITAMAG® (pitavastatin) tablets in the United States, where they are sold through
the Company's U.S. subsidiary, Medicure Pharma Inc. For more
information on Medicure please visit www.medicure.com. For
additional information about ZYPITAMAG®, refer to the
full Prescribing Information.
About Marley
Independently owned, Marley was
established in 2003 by Dr. David
Marley, PharmD to offer accessible, cost effective and
high-quality pharmacy services to employers and other health care
consumers in North Carolina. In
2011, Marley expanded its reach, serving all 50 states and
Washington D.C. with their
Extended Supply mail order drug program. Marley is committed to
improving the health status of their patients and the communities
they serve while reducing overall health care costs for employers
and other health care consumers. For more information visit
www.marleydrug.com. To learn more about The Extended Supply Generic
Drug Program call 800.286.6781 or email
marleydrug@bellsouth.net.
To be added to Medicure's e-mail list, please
visit:
http://medicure.mediaroom.com/alerts
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking Information: Statements contained in this
press release that are not statements of historical fact,
including, without limitation, statements containing the words
"believes", "may", "plans", "will", "estimates", "continues",
"anticipates", "intends", "expects" and similar expressions, may
constitute "forward-looking information" within the meaning of
applicable Canadian and U.S. federal securities laws (such
forward-looking information and forward-looking statements are
hereinafter collectively referred to as "forward-looking
statements"). Forward-looking statements, include estimates,
analysis and opinions of management of the Company made in light of
its experience and its perception of trends, current conditions and
expected developments, as well as other factors which the Company
believes to be relevant and reasonable in the circumstances.
Inherent in forward-looking statements are known and unknown risks,
uncertainties and other factors beyond the Company's ability to
predict or control that may cause the actual results, events or
developments to be materially different from any future results,
events or developments expressed or implied by such forward-looking
statements, and as such, readers are cautioned not to place undue
reliance on forward-looking statements. Such risk factors include,
among others, the Company's future product revenues, expected
results, including revenue and growth from Marley, expected future
growth in revenues, stage of development, additional capital
requirements, risks associated with the completion and timing of
clinical trials and obtaining regulatory approval to market the
Company's products, the ability to protect its intellectual
property, dependence upon collaborative partners, changes in
government regulation or regulatory approval processes, and rapid
technological change in the industry. Such statements are based on
a number of assumptions which may prove to be incorrect, including,
but not limited to, assumptions about: general business and
economic conditions; the impact of changes in Canadian-US dollar
and other foreign exchange rates on the Company's revenues, costs
and results; the timing of the receipt of regulatory and
governmental approvals for the Company's research and development
projects; the availability of financing for the Company's
commercial operations and/or research and development projects, or
the availability of financing on reasonable terms; results of
current and future clinical trials; the uncertainties associated
with the acceptance and demand for new products and market
competition. The foregoing list of important factors and
assumptions is not exhaustive. The Company undertakes no obligation
to update publicly or otherwise revise any forward-looking
statements or the foregoing list of factors, other than as may be
required by applicable legislation. Additional discussion regarding
the risks and uncertainties relating to the Company and its
business can be found in the Company's other filings with the
applicable Canadian securities regulatory authorities or the US
Securities and Exchange Commission, and in the "Risk Factors"
section of its Form 20F for the year ended December 31, 2019.
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SOURCE Medicure Inc.