Concordia International Corp. ("Concordia" or the "Company") (NASDAQ:CXRX) (TSX:CXR.TO), an international pharmaceutical company focused on legacy pharmaceutical products and orphan drugs, today confirmed that its review of strategic alternatives is ongoing and provided an update on its business.
Concordia disclosed on April 21, 2016, that it formed a special committee of independent members of the Board of Directors of the Company to consider various strategic alternatives potentially available to the Company.
There can be no assurance that any transaction will occur. Concordia does not intend to make any additional comments at this time regarding various strategic alternatives potentially available to the Company.
The Company today also provided an update on its business.
"We remain highly confident in our business prospects going forward," said Concordia Chairman and CEO Mark Thompson. "We have a strong team across the world who help provide patients with important medicines. The team is supported by durable company fundamentals; Concordia has no liquidity or debt issues, a strong free cash profile, and sales channels in more than 100 countries. We remain optimistic about our long-term future."
Concordia's consolidated business consists of three operating segments:
1. Concordia North America, which has a diversified product portfolio that focuses primarily on the United States pharmaceutical market; 2. Orphan Drugs, which is intended to provide growth opportunities through the expansion into new indications and new markets for existing or acquired orphan drugs; 3. Concordia International, which is comprised of Concordia's International segment acquired by Concordia on October 21, 2015.
To address recent reports, Concordia also confirmed today that there was one formulary change affecting two products in its North America portfolio.
CVS Health confirmed this week that Nilandron®, Concordia's treatment for metastatic prostate cancer, and Dutoprol®, a treatment for high blood pressure, will be removed from CVS Health's formulary.
Concordia believes this exclusion is immaterial to its business. According to IMS prescription data, CVS did not reimburse for Nilandron® at all in the past three years and has reimbursed Dutoprol® twice in 2016.
Concordia intends to provide the market with a broader update on its business on August 12, 2016 when the Company discloses its second quarter, 2016 results.