with Acquisition of Marley Drug
WINNIPEG, MB, Dec. 17, 2020 /CNW/ - Medicure Inc. ("
Medicure" or the "
Company") (TSXV: MPH) (OTC: MCUJF), a cardiovascular pharmaceutical company, today announced that, through its wholly-owned U.S. subsidiary, Medicure Pharma Inc., it entered into a definitive agreement on December 15, 2020, to acquire 100% of Marley Drug, Inc ("
Marley"), a leading specialty pharmacy serving more than 30,000 customers across the United States, from an arms-length third-party, for an upfront payment on closing of USD $6.3 million, subject to certain holdbacks, as well as additional payments based on future performance of Marley. Marley generated unaudited revenue and EBITDA of approximately USD $7.0 million and over USD $1.7 million for the 12-month period ended October 31, 2020, respectively.
Marley provides excellent customer service, cost competitive medications, immediate direct to patient delivery, and is licensed in all 50 states, Washington D.C. and Puerto Rico. Its advanced operating systems include automated pill dispensing, an extended supply generic drug program, and an effective customer communication system. Marley has been successful in marketing directly to customers, providing access to medications without the need for insurance, and building a nationwide customer base.
"This transaction marks the start of an exciting new chapter for our company," said Albert D. Friesen, PhD, Chief Executive Officer of Medicure and Chair of its Board of Directors. "We look forward to welcoming the Marley specialty pharmacy team and dedicated customers and physicians. The combined business will be well positioned to strengthen our existing national platforms, accelerate growth of Medicure's primary care drug, ZYPITAMAG
® (pitavastatin) tablets, realize material synergies and generate substantial shareholder value." The Company remains focused on the sale and commercial development of its existing products.
Medicure intends to finance the acquisition of Marley with a term loan from a Canadian commercial bank.
About Medicure Inc. Medicure is a pharmaceutical company focused on the development and commercialization of therapies for the U.S. cardiovascular market. The present focus of the Company is the marketing and distribution of AGGRASTAT
® (tirofiban hydrochloride) injection and ZYPITAMAG
® (pitavastatin) tablets in the United States, where they are sold through the Company's U.S. subsidiary, Medicure Pharma Inc. For more information on Medicure please visit
www.medicure.com. For additional information about ZYPITAMAG
®, refer to the full
Prescribing Information.
About Marley Independently owned, Marley was established in 2003 by Dr. David Marley, PharmD to offer accessible, cost effective and high-quality pharmacy services to employers and other health care consumers in North Carolina. In 2011, Marley expanded its reach, serving all 50 states and Washington D.C. with their Extended Supply mail order drug program. Marley is committed to improving the health status of their patients and the communities they serve while reducing overall health care costs for employers and other health care consumers. For more information visit
www.marleydrug.com. To learn more about The Extended Supply Generic Drug Program call 800.286.6781 or email
marleydrug@bellsouth.net.