OAKVILLE, ON, Oct. 25, 2016 /CNW/ - Concordia International
Corp. ("Concordia" or the "Company") (NASDAQ: CXRX) (TSX: CXR), an
international specialty pharmaceutical company focused on generic
and legacy pharmaceutical products and orphan drugs, today
announced that the UK Competition and Markets Authority (CMA) is
investigating various issues in relation to the UK pharmaceutical
sector, and that Concordia's International segment is part of the
inquiry.
The CMA's investigation includes matters that pre-date
Concordia's ownership of the International segment. Concordia
acquired the International segment as a result of its transaction
to purchase Amdipharm Mercury Limited, which closed on October 21, 2015.
The CMA confirmed that it has not reached a view as to whether
there is sufficient evidence of any infringement for it to issue a
statement of objections.
The Company commented: "We are working cooperatively to
better understand the CMA's positon and we will continue to work
constructively to resolve the matter. Although Concordia has also
had past discussions with the CMA regarding the supply of certain
of its products in the UK, this is the first interaction with the
CMA regarding the Company's pricing. There has been speculation in
the press about these issues and this affords us the opportunity to
have an objective discussion about our products and their
contribution to the healthcare system."
About Concordia
Concordia is a diverse, international specialty pharmaceutical
company focused on generic and legacy pharmaceutical products and
orphan drugs. The Company has an international footprint with sales
in more than 100 countries, and has a diversified portfolio of more
than 200 established, off-patent molecules that make up more than
1,300 SKUs. Concordia also markets orphan drugs through its Orphan
Drugs Division, consisting of Photofrin® for the treatment of
certain rare forms of cancer, which is currently undergoing testing
for potential new indications.
Concordia operates out of facilities in Oakville, Ontario and, through its
subsidiaries, operates out of facilities in Bridgetown, Barbados; London, England and Mumbai, India.
Notice regarding forward-looking statements and
information:
This press release includes forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and forward-looking information within the
meaning of Canadian securities laws, regarding Concordia and its
business, which may include, but are not limited to, the
investigation by the CMA of Concordia's International Segment and
other factors. Often, but not always, forward-looking statements
and forward-looking information can be identified by the use of
words such as "plans", "is expected", "expects", "scheduled",
"intends", "contemplates", "anticipates", "believes", "proposes" or
variations (including negative and grammatical variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Such statements are based on the current expectations of
Concordia's management, and are based on assumptions and subject to
risks and uncertainties. Although Concordia's management believes
that the assumptions underlying these statements are reasonable,
they may prove to be incorrect. The forward-looking events and
circumstances discussed in this press release may not occur by
certain specified dates or at all and could differ materially as a
result of known and unknown risk factors and uncertainties
affecting Concordia, including risks relating to the CMA's
investigation of Concordia's International Segment, risks
associated with any fine that may be imposed on Concordia with
respect to any competition law infringement, Concordia's
securities, risks associated with developing new product
indications, increased indebtedness and leverage, the inability to
generate cash flows, revenues and/or stable margins, the inability
to grow organically, the inability to repay debt and/or satisfy
future obligations (including, without limitation, earn out
obligations), risks associated with Concordia's outstanding debt,
risks associated with the geographic markets in which Concordia
operates and/or distributes its products, risks associated with
fluctuations in exchange rates (including, without limitation,
fluctuations in currencies), risks associated with the use of
Concordia's products to treat certain diseases, the pharmaceutical
industry and the regulation thereof, regulatory investigations, the
failure to comply with applicable laws, risks relating to
distribution arrangements, possible failure to realize the
anticipated benefits of acquisitions and/or product launches, risks
associated with the integration of assets and businesses into
Concordia's business, product launches, the inability to launch
products, the fact that historical and projected financial
information may not be representative of Concordia's future
results, the failure to obtain regulatory approvals, economic
factors, market conditions, acquisition opportunities, risks
associated with the acquisition and/or launch of pharmaceutical
products, risks regarding clinical trials and/or patient enrollment
into clinical trials, the equity and debt markets generally, risks
associated with growth and competition (including, without
limitation, with respect to Concordia's niche, hard-to-make
products), general economic and stock market conditions, risks
associated with the United
Kingdom's exit from the European Union (including, without
limitation, risks associated with regulatory changes in the
pharmaceutical industry, changes in cross-border tariff and cost
structures and the loss of access to the European Union global
trade markets), risks related to patent infringement actions, the
loss of intellectual property rights, risks and uncertainties
detailed from time to time in Concordia's filings with the
Securities and Exchange Commission and the Canadian Securities
Administrators and many other factors beyond the control of
Concordia. Although Concordia has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements and forward-looking information, there
may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended. No
forward-looking statement or forward-looking information can be
guaranteed. Except as required by applicable securities laws,
forward-looking statements and forward-looking information speak
only as of the date on which they are made and Concordia undertakes
no obligation to publicly update or revise any forward-looking
statement or forward-looking information, whether as a result of
new information, future events, or otherwise.
SOURCE Concordia International Corp.