NASDAQ: CORV TSX: CORV
VANCOUVER, May 21, 2020 /PRNewswire/ - Correvio Pharma Corp.
("Correvio" or the "Company") (NASDAQ: CORV) (TSX:
CORV), a specialty pharmaceutical company focused on
commercializing hospital drugs, today announced that it has
obtained a final order from the Supreme Court of British Columbia approving the previously
announced plan of arrangement (the "Arrangement") with
ADVANZ PHARMA Corp. Limited ("ADVANZ PHARMA") pursuant to
which ADVANZ PHARMA, through its wholly-owned subsidiary Mercury
Pharma Group Limited ("Mercury"), has agreed to acquire all
of the issued and outstanding shares of Correvio for a total
purchase price of approximately US$76
million, which includes the repayment of certain Correvio
indebtedness, as described in Correvio's information circular dated
April 16, 2020.
The Arrangement was previously approved by Correvio
securityholders at the annual general and special meeting of
securityholders held on May 15,
2020.
It is currently anticipated that the transaction will close on
May 27, 2020, subject to the
satisfaction and/or waiver of all conditions precedent set forth in
the arrangement agreement among Correvio, ADVANZ PHARMA and
Mercury. It is expected that the Correvio common shares will be
delisted from trading on the NASDAQ Capital Market and Toronto
Stock Exchange shortly after the closing date of the
Arrangement.
Further details regarding the Arrangement are set out in the
management information circular which is available under the
profile of Correvio at www.sedar.com.
About ADVANZ PHARMA
ADVANZ PHARMA operates an international specialty pharmaceutical
business with a diversified portfolio of more than 200 branded and
unbranded products, and sales in more than 90 countries, and going
forward, is focused on becoming the leading platform for niche
established medicines, with advanced commercial capabilities
throughout Western Europe.
ADVANZ PHARMA's registered office is in Jersey, Channel
Islands. The Company operates globally from its headquarters
in London, England and through its subsidiaries
in Dublin, Ireland; Sydney, Australia;
Helsingborg, Sweden; Chicago, United States;
and Mumbai, India.
About Correvio Pharma Corp.
Correvio Pharma Corp. is a specialty pharmaceutical company
focused on providing innovative, high-quality brands that meet the
needs of acute care physicians and patients. With a commercial
presence and distribution network covering over 60 countries
worldwide, Correvio develops, acquires and commercializes brands
for the in-hospital, acute care market segment. The Company's
portfolio of approved and marketed brands includes:
Xydalba™ (dalbavancin hydrochloride), for the treatment
of acute bacterial skin and skin structure infections (ABSSSI);
Zevtera®/Mabelio® (ceftobiprole medocaril
sodium), a cephalosporin antibiotic for the treatment of community-
and hospital-acquired pneumonia (CAP, HAP); Brinavess®
(vernakalant IV) for the rapid conversion of recent onset atrial
fibrillation to sinus rhythm; Aggrastat® (tirofiban
hydrochloride) for the reduction of thrombotic cardiovascular
events in patients with acute coronary syndrome. Correvio's
pipeline of product candidates includes Trevyent®, a
drug device combination that is designed to deliver treprostinil,
the world's leading treatment for pulmonary arterial
hypertension.
Correvio is traded on the NASDAQ Capital Market (CORV) and the
Toronto Stock Exchange (CORV). For more information, please visit
our web site www.correvio.com.
Correvio's Forward-Looking Statement Disclaimer
Certain statements in this news release contain "forward-looking
statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 or "forward-looking information"
under applicable Canadian securities legislation (collectively,
"forward-looking statements"). Forward-looking statements
include statements that may relate to our plans, objectives, goals,
strategies, future events, future revenue or performance, capital
expenditures, financing needs and other information that may not be
based on historical fact. Forward-looking statements can often be
identified by the use of terminology such as "believe", "may",
"plan", "will", "estimate", "continue", "anticipate", "intend",
"expect", "look forward to" and similar expressions.
Forward-looking statements are necessarily based on estimates and
assumptions made by us based on our experience and perception of
historical trends, current conditions and expected future
developments, as well as other factors we believe are
appropriate.
By their very nature, forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the actual results, performance, achievements, events or
developments to be materially different from any future results,
performance, achievements, events or developments expressed or
implied by such forward-looking statements. These forward-looking
statements include but are not limited to the timing for completion
of the Arrangement, the consideration to be received by
securityholders of Correvio, the satisfaction of certain closing
conditions contained in the arrangement agreement and the timing of
the delisting of Correvio's common shares from NASDAQ Capital
Market and the Toronto Stock Exchange.
In respect of the forward-looking statements and information
concerning the anticipated completion of the Arrangement and the
anticipated timing for completion of the Arrangement, Correvio has
provided them in reliance on certain assumptions and believes that
they are reasonable at this time, including the assumption as to
the ability of the parties to satisfy, in a timely manner, the
conditions to the closing of the Arrangement. These dates may
change for a number of reasons, including the need for additional
time to satisfy the conditions to the completion of the
Arrangement. Accordingly, you should not place undue reliance on
the forward-looking statements and information contained in this
new release concerning these times.
These statements reflect Correvio's current views with respect
to future events and are necessarily based upon a number of
assumptions and estimates that, while considered reasonable by
Correvio, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies.
Many factors, both known and unknown, could cause actual results,
performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed
or implied by such forward-looking statements or information and
Correvio has made assumptions and estimates based on or related to
many of these factors. Such factors include, without
limitation: risks associated with the arrangement and
acquisitions generally, such as the failure to satisfy the closing
conditions contained in the arrangement agreement, the occurrence
of a material adverse effect or other events which may give the
parties a basis on which to terminate the arrangement agreement and
the risks and uncertainties facing Correvio as discussed in the
annual report and detailed from time to time in our other filings
with the Securities and Exchange Commission ("SEC")
available at www.sec.gov and the Canadian securities regulatory
authorities at www.sedar.com. In particular, we direct your
attention to Correvio's Annual Information Form filed with the
Canadian securities regulatory authorities on SEDAR on March 30, 2020 and Correvio's Annual Report on
Form 20-F for the year ended December 31,
2019, filed with the SEC on April 29,
2020. All of the risks and certainties disclosed in those
filings are hereby incorporated by reference in their entirety into
this news release.
While Correvio makes these forward-looking statements in good
faith, given these risks, uncertainties and factors, you are
cautioned not to place undue reliance on any forward-looking
statements made in this press release. All forward-looking
statements made herein are made as of the date hereof based on our
current expectations and we undertake no obligation to revise or
update such forward-looking statements to reflect subsequent
events, information or circumstances, except as required by law.
Investors are cautioned that forward-looking statements are not
guarantees of future performance and accordingly investors are
cautioned not to put undue reliance on forward-looking statements
due to their inherent uncertainty.
Correvio® and the Correvio Logo are the proprietary
trademarks of Correvio Pharma Corp.
Aggrastat® and Brinavess® are trademarks
owned by Correvio and its affiliates worldwide.
Xydalba™ is a trademark of Allergan Pharmaceuticals
International Limited, and used under license.Zevtera®
and Mabelio® are trademarks owned by Basilea
Pharmaceutica International Ltd., and used under license.
Trevyent® is a trademark of SteadyMed Ltd. and used
under license.
All other trademarks are the property of their respective
owners.
View original
content:http://www.prnewswire.com/news-releases/correvio-obtains-final-order-for-plan-of-arrangement-301063882.html
SOURCE Correvio Pharma Corp