News Release WINNIPEG, Oct. 3, 2017 (Canada NewsWire via COMTEX) -- Medicure Inc. ("Medicure" or the "Company") (MPH) MCUJF, +10.60% a specialty pharmaceutical company, today announced that it has sold its interests in Apicore to an arm's length, pharmaceutical company (the "Buyer").
Medicure acquired Apicore in a series of transactions occurring between July 3, 2014 and July 12, 2017 and had obtained a CDN$60 million loan towards these purchases. Under the transaction, Medicure will receive net proceeds of approximately US$105 million. These funds to be received by the Company are after payment of all transaction costs, the cashing in of Apicore employee stock options, the redemption of the remaining shares of Apicore not owned by Medicure and other adjustments. Over the next 18 months, additional payments may be payable under the agreement, in the form of contingent payments, including an earn out payment based on the achievement of certain financial results by Apicore following closing and other customary adjustments.
"We are very pleased with our return on investment in Apicore", stated Medicure's President and Chief Executive Officer, Dr. Albert D. Friesen. The Company intends to use the proceeds from the sale to retire its approximately CDN$61 million long-term debt, pay the required debt pre-payment fees, pursue the acquisition of additional commercial cardiovascular products and further advance its product development pipeline.
This transaction constitutes a Reviewable Transaction under the policies of the TSX Venture Exchange (the "Exchange"). The transaction has been approved by the Exchange and as required by the policies of the Exchange has also been approved by the written consent of shareholders holding more than 50% of the issued shares of Medicure.