OAKVILLE, ON, June 13, 2017 /CNW/ - Concordia International
Corp. (the "Company") (NASDAQ: CXRX) (TSX: CXR) - together with its
subsidiaries ("Concordia"), an international specialty
pharmaceutical company focused on generic and legacy pharmaceutical
products, today announced that RedHill Biopharma Ltd. (RedHill) (NASDAQ: RDHL) (TASE: RDHL), a
specialty biopharmaceutical company, has started promoting
Donnatal® in certain U.S. territories.
Concordia and RedHill
originally announced this co-promotion agreement in January 2017 for Donnatal®,
Concordia's product used in the treatment of irritable bowel
syndrome.
"We are excited that RedHill is
moving forward with its promotion of Donnatal® to potential
prescribers in the U.S.," said Allan
Oberman, Chief Executive Officer of the Company. "We believe
this cost-effective partnership can leverage RedHill's experienced team in gastroenterology
sales, raise the product's profile, and potentially allow Donnatal®
to reach more patients."
Under the terms of the co-promotion agreement, RedHill will incur the sales and marketing
costs associated with promotional activities for Donnatal®, while
Concordia will provide materials and samples. Concordia will keep
all revenue up to a predetermined level of sales. Only after
reaching that predetermined level will revenue be shared between
Concordia and RedHill.
About Donnatal®
Donnatal® is used as adjunctive
therapy for irritable bowel syndrome, a condition characterized by
abdominal pain, bloating, and diarrhea or constipation, and acute
enterocolitis. It may also be useful as adjunctive therapy for
duodenal ulcer. For more information, including prescribing
information for Donnatal®, please visit www.donnatal.com.
About Concordia
Concordia is a diverse, international
specialty pharmaceutical company focused on generic and legacy
pharmaceutical products. Concordia has an international footprint
with sales in more than 90 countries, and has a diversified
portfolio of more than 200 established, off-patent products.
Concordia also markets Photofrin® for the treatment of certain rare
forms of cancer.
The Company operates out of facilities in Oakville, Ontario and, through its
subsidiaries, operates out of facilities in Bridgetown, Barbados; London, England and Mumbai, India.
About RedHill Biopharma Ltd.
RedHill Biopharma Ltd.
(NASDAQ: RDHL) (Tel-Aviv Stock Exchange: RDHL) is a specialty
biopharmaceutical company headquartered in Israel, primarily focused on the development
and commercialization in the U.S. of late clinical-stage,
proprietary, orally-administered, small molecule drugs for the
treatment of gastrointestinal and inflammatory diseases and cancer.
More information about RedHill is
available at: www.redhillbio.com.
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 the Company and its business, which may include, but are
not limited to the expected expansion of sales of Donnatal® through
the RedHill co-promotion
agreement, the cost-effective approach to the promotion of
Donnatal® , the intention to increase the promotion of Donnatal®
among potential prescribers (including, without limitation, U.S.
doctors who treat irritable bowel syndrome), the marketing efforts
associated with the RedHill
co-promotion agreement and the timing thereof, the number of
territories in which RedHill will
promote Donnatal®, RedHill's
motivation to promote Donnatal® and their prior experience in
gastroenterology sales, and the ability of the co-promotion
agreement to raise the product's profile and potentially allow
Concordia to reach more patients in the U.S. 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 the Company's management, and are
based on assumptions and subject to risks and uncertainties.
Although the Company'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
associated with the inability to promote Donnatal® effectively
(including, without limitation, the inability to increase the
promotion of Donnatal® among potential prescribers (including,
without limitation, U.S. doctors who treat irritable bowel
syndrome)), the inability to grow sales of Donnatal® (including,
without limitation, through the RedHill co-promotion agreement or due to
increased competition), the inability of RedHill to market Donnatal® effectively
(including, without limitation, with respect to any delays in
agreeing to a commercialization plan with RedHill), risks associated with RedHill not increasing the number of
territories to promote Donnatal®, RedHill's prior sales experience not
benefiting Concordia or the promotion of Donnatal®, the inability
to market Donnatal® to more prescribers, risks associated with
co-promotion agreements (including, without limitation, with
respect to indemnity obligations, termination rights, acts that may
be committed by co-promotion partners that may result in liability
to Concordia, or the breach of contractual obligations (including
unauthorized use of intellectual property or confidential
information)), the inability to raise Donnatal®'s profile and/or
reach more patients in the U.S., the inability of the RedHill co-promotion agreement to increase
Concordia's revenues, risks associated with the regulatory status
of Donnatal®, the Company'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 the
Company'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 and the Company's material products in each
of its business segments), 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 the Company's filings
with the Securities and Exchange Commission and the Canadian
Securities Administrators and many other factors beyond the control
of Concordia. Although the Company 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 the Company
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.