OAKVILLE, ON, Oct. 11, 2017 /CNW/ - Concordia
International Corp. ("Concordia" or the "Company") (NASDAQ: CXRX)
(TSX: CXR), an international specialty pharmaceutical company
focused on becoming a leader in European specialty, off-patent
medicines, today announced that the UK Competition and Markets
Authority (CMA) is investigating new issues in relation to the UK
pharmaceutical sector, and that Concordia's International segment
and certain of its products are part of the inquiry.
The investigation is at an early, information-gathering stage
and the CMA has confirmed that, at this time, it has not reached
any conclusions on whether competition law has been infringed.
The Company commented: "We are working to better understand the
CMA's position and we will continue to work constructively to
resolve these matters."
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.
About Concordia
Concordia is an international specialty pharmaceutical company
with a diversified portfolio of more than 200 patented and
off-patent products, and sales in more than 90 countries. Going
forward, the Company is focused on becoming a leader in European
specialty, off-patent medicines.
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, Concordia's
focus on becoming a leader in European specialty, off patent
medicines, the investigation by the CMA of Concordia's
International segment and certain of its products, the
investigation by the CMA of new issues in relation to the UK
pharmaceutical sector, and the Company's efforts to work
constructively to resolve the matters under investigation. 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 inability of the Company to execute
on its DELIVER strategy (including, without limitation, the
Company's inability to become a leader in European specialty, off
patent medicines), the CMA's investigation of Concordia's
International segment and certain of its products, the CMA's
investigation of new issues in relation to the UK pharmaceutical
sector, risks associated with any fine that may be imposed on
Concordia with respect to any competition law infringement, the
amount of any fine levied against Concordia by the CMA (including,
without limitation, the impact of any fine on Concordia's liquidity
and financial stability), 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 legislative
changes (including, without limitation, the U.K. Health Service
Medical Supplies (Costs) Act)),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.