OAKVILLE, ON, June 21, 2017 /CNW/ - Concordia International
Corp. (the "Company") (NASDAQ: CXRX) (TSX: CXR), an international
specialty pharmaceutical company focused on generic and legacy
pharmaceutical products, today announced an update on the
development of its long-term growth strategy.
Further to previous communications, the Company's development of
a long-term growth strategy is nearing completion. Once
finalized, the Company intends to communicate its details with
stakeholders in the second half of 2017.
To support the development and execution of this strategy, the
Company has engaged Perella Weinberg Partners LP to provide
financial advisory services. These services may include, but are
not limited to, helping the Company explore and evaluate potential
transactional alternatives, including initiatives to optimize its
capital structure.
There can be no assurance that this process will result in any
transaction, or that any transaction, if pursued, will be
consummated. The Company does not expect to comment further unless
and until a specific transaction is approved by its Board of
Directors or the Company otherwise decides further disclosure is
appropriate or required.
"We have made significant progress on our long-term growth
strategy and we are looking forward to working with Perella
Weinberg Partners to support the Company in finalizing and
executing on that strategy," said Allan
Oberman, Chief Executive Officer of Concordia International
Corp.
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.
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, statements with respect to consideration of
transactional alternatives potentially available to the Company,
the occurrence or consummation of any transaction, Perella Weinberg
Partners LP's ability to assist the Company to support the
finalization and execution of the Company's long-term growth
strategy and help the Company with transactional alternatives that
may be available to the Company, the development of a long-term
growth strategy (and the timing thereof), the progress made on the
Company's long-term growth strategy, the communication of the
Company's long-term growth strategy to its stakeholders (and the
timing thereof), the stabilization of Concordia's business, the
ability of Concordia to execute and deliver on business plans and
growth strategies, the ability to drive long-term value or growth
for the Company's stakeholders, the Company taking actions to
rebuild value for stakeholders (and the ability of Concordia to
rebuild value for its stakeholders), Concordia's ability to service
its debt obligations and meet its other obligations in 2017 and
beyond, optimism about Concordia's future, the stability of
Concordia's business (including, without limitation, with respect
to its business in certain jurisdictions), expected debt levels and
leverage, free cash flows, Concordia's debt structure (including
its flexibility) and the ability to pay down debt, expected sources
of funds (including expected levels of cash on hand and the ability
to draw on the Company's revolving facility), future growth of the
Company (including, without limitation, the Company's expansion
globally), the ability to pay certain debt and other obligations of
Concordia, the ability to use the Company's expected cash flow and
cash on hand to pay certain future obligations (including, without
limitation, debt obligations), the Company's cash on hand and cash
flows being sufficient to meet the Company's liquidity needs, the
performance of Concordia's products and segments, the
revenue-generating capabilities and/or potential of Concordia's
assets, Concordia's financial strength, the continued and/or
expected profitability of Concordia's products and/or services, the
sales and/or demand for Concordia's products, Concordia's ability
to evaluate growth opportunities on a global scale (and the
availability of such opportunities) 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 Concordia's inability to find
transactional alternatives, Concordia's inability to consummate a
transaction, the inability of Perella Weinberg Partners LP to help
the Company finalize and execute the Company's long-term growth
strategy or find and complete transactional alternatives that may
be available to the Company, Concordia's inability to stabilize its
business, Concordia's inability to develop a long-term growth
strategy or being delayed in developing such plan, cash on hand and
cash flows from operations being insufficient to meet Concordia's
liquidity needs, which could result in Concordia having to
refinance or restructure its debt, sell assets or seek to raise
additional capital, which may be at less favourable terms, the
inability to implement Concordia's objectives and priorities for
2017, which could result in financial strain on the Company and
continued pressure on the Company's business, 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, 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 (including, without limitation, unsuccessful
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 relating to
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 Concordia's key
products in its International and North
America 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 associated with regulatory
investigations (including investigations by competition authorities
with respect to the Company's operations), risks related to the
introduction of new legislation, or amendments to existing
legislation, in the jurisdictions in which Concordia carries on
business, risks related to patent infringement actions, the loss of
intellectual property rights, risks associated with class action
litigation, risks associated with Concordia's inability to defend
itself in certain legal actions or being found to have violated
certain laws (including, without limitation, the regulatory
investigations and class actions which Concordia is currently
subject to), which may require Concordia to make certain payments
in respect of such legal matters or which may result in certain
fines being levied against Concordia, 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.