MISSISSAUGA, ON, Aug. 20, 2018 /CNW/ - Nuvo Pharmaceuticals Inc.
(Nuvo or the Company) (TSX: NRI) (OTCQX: NRIFF), a globally
focused, healthcare company with a portfolio of commercial products
and pharmaceutical manufacturing capabilities, today announced that
it has extended the period of exclusive negotiations with Aralez
Pharmaceuticals Inc. (Aralez) and Deerfield Management Company,
L.P. (Deerfield) relating to the
previously announced proposed acquisition by Nuvo of a portfolio of
more than 20 revenue-generating products, as well as the associated
personnel and infrastructure, from Aralez and its affiliates.
As previously announced, Nuvo and Aralez entered into a letter
of intent on August 10, 2018 with
respect to the proposed transaction and Deerfield delivered a financing letter with
respect to the possible financing of the proposed
transaction. Negotiations for the proposed transaction and
related financing are ongoing, with a view to executing definitive
agreements as soon as practicable if the parties are able to agree
on terms. The letter of intent and financing letter are
non-binding, and there is no legal obligation on Nuvo, Aralez or
Deerfield to enter into definitive
agreements with respect to the proposed transaction or related
financing. Accordingly, there can be no assurance that the proposed
transaction or the related financing will proceed, on the terms set
forth in the letter of intent or the financing letter, or at
all.
Nuvo does not intend to provide any further update regarding
this potential transaction until definitive agreements are entered
into or the letter of intent has been terminated.
About Nuvo Pharmaceuticals Inc.
Nuvo (TSX: NRI; OTCQX: NRIFF) is a globally focused, healthcare
company with a portfolio of commercial products and pharmaceutical
manufacturing capabilities. Nuvo has four commercial products
that are available in a number of countries: Pennsaid®
2%, Pennsaid, Resultz® and the heated
lidocaine/tetracaine patch. Nuvo manufactures Pennsaid
2% for the U.S market, Pennsaid for the global market and the bulk
drug product for the HLT Patch at its FDA, Health Canada and E.U.
approved manufacturing facility in Varennes, Québec. The Company's focus is
to maximize the value of Pennsaid 2% and Resultz through
out-licensing to commercial partners in international markets and
identifying new opportunities to acquire additional, revenue
generating or late-stage products or businesses to further
diversify the Company's existing product portfolio. For
additional information, please visit
www.nuvopharmaceuticals.com.
Forward-Looking Statements
This press release contains "forward-looking statements"
within the meaning of applicable securities laws. Forward-looking
statements can be identified by words such as: "anticipate,"
"intend," "plan," "goal," "seek," "believe," "project," "estimate,"
"expect," "strategy," "future," "likely," "may," "should," "will"
and similar references to future periods. Forward looking
information in this press release includes, but is not limited to,
statements with respect to the ability of the parties to negotiate
and execute definitive agreements in respect of the proposed
transaction and related financing, and the ability of the parties
to complete the proposed transaction and related financing
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
the Company's current beliefs, expectations and assumptions
regarding the future of its business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Company's control. Nuvo's actual results
and financial condition may differ materially from those indicated
in the forward-looking statements due to a number of factors and
risks. Material factors and assumptions used to develop the
forward-looking information contained in this news release, and
material risk factors that could cause actual results to differ
materially from the forward-looking information, include but are
not limited to, the failure of the parties to agree on the terms
and conditions of the definitive agreements in respect of the
proposed transaction or related financing; the failure to satisfy
the conditions relating to the proposed transaction and related
financing; the occurrence of any event, change or other
circumstance that could give rise to the amendment or termination
of the letter of intent; material adverse changes in the business
or affairs of the acquired businesses or Nuvo; either party's
failure to consummate the proposed transaction or related financing
when required; competitive factors in the industries in which the
acquired businesses and Nuvo operate; interest rates, prevailing
economic conditions; and other factors, many of which are beyond
the control of Nuvo. Addition factors that could cause Nuvo's
actual results and financial condition to differ materially from
those indicated in the forward-looking statements include, among
others, the risk factors included in Nuvo's most recent Annual
Information Form dated March 22, 2018
under the heading "Risks Factors", and as described from time to
time in the reports and disclosure documents filed by Nuvo with
Canadian securities regulatory agencies and commissions. These and
other factors should be considered carefully and readers should not
place undue reliance on Nuvo's forward-looking statements. As a
result of the foregoing and other factors, no assurance can be
given as to any such future results, levels of activity or
achievements and none of Nuvo or any other person assumes
responsibility for the accuracy and completeness of these
forward-looking statements.
Any forward-looking statement made by the Company in this
press release is based only on information currently available to
it and speaks only as of the date on which it is made. Except as
required by applicable securities laws, Nuvo undertakes no
obligation to publicly update any forward-looking statement,
whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or
otherwise.
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SOURCE Nuvo Pharmaceuticals Inc.