OAKVILLE, ON, Oct. 21, 2016 /CNW/ - Concordia International Corp.
("Concordia" or the "Company") (NASDAQ: CXRX) (TSX: CXR) today announced that Mark L. Thompson will
step down as Chief Executive Officer of the Company following the appointment of a successor.
"Mark was our founder and successfully built Concordia into an international specialty pharmaceutical company. Under his
leadership, Concordia today has a robust product pipeline and a platform that reaches patients in over 100 countries. He and the
Board agreed that this would be the ideal time for a leadership change at the Company and the Board thanks him for his significant
contribution over the years," said Jordan Kupinsky, Lead Independent Director.
A search process for a new CEO is underway.
"This is an important juncture for Concordia," continued Mr. Kupinsky. "We recently closed a very successful US$350 million debt offering and completed a strategic review of the business. With a portfolio of more than 200
products, a platform for continued international expansion, a strong commercial footprint and opportunities for organic growth, we
look forward to building on our past successes."
Mr. Thompson will also step down from the Board of Directors, where he serves as Chairman, when a successor has been
appointed.
About Concordia
Concordia is a diverse, international specialty pharmaceutical company focused on generic and legacy pharmaceutical products and
orphan drugs. The Company has an international footprint with sales in more than 100 countries, and has a diversified portfolio of
more than 200 established, off-patent molecules that make up more than 1,300 SKUs. Concordia also markets orphan drugs through its
Orphan Drugs Division, consisting of Photofrin® for the treatment of certain rare forms of cancer, which is currently undergoing
testing for potential new indications.
Concordia operates out of facilities in Oakville, Ontario and, through its subsidiaries,
operates out of facilities in Bridgetown, Barbados; London,
England and Mumbai, India.
Notice regarding forward-looking statements and information:
This press release includes forward-looking statements within the meaning of the United States Private Securities Litigation
Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws, regarding Concordia and its
business, which may include, but are not limited to, the appointment of a successor chief executive officer and Chairman,
Concordia's platform for continued international expansion, Concordia's strong commercial footprint, opportunities for organic
growth, Concordia building on past successes and other factors. Often, but not always, forward-looking statements and
forward-looking information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled",
"intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative and grammatical variations) of
such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur
or be achieved. Such statements are based on the current expectations of Concordia's management, and are based on assumptions and
subject to risks and uncertainties. Although Concordia's management believes that the assumptions underlying these statements are
reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not
occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and
uncertainties affecting Concordia, including risks relating to the inability to find and appoint a successor chief executive
officer and/or Chairman, Concordia's securities, risks associated with developing new product indications, increased indebtedness
and leverage, the inability to generate cash flows, revenues and/or stable margins, the inability to grow organically, the
inability to repay debt and/or satisfy future obligations (including, without limitation, earn out obligations), risks associated
with Concordia's outstanding debt, risks associated with the geographic markets in which Concordia operates and/or distributes its
products, risks associated with fluctuations in exchange rates (including, without limitation, fluctuations in currencies), risks
associated with the use of Concordia's products to treat certain diseases, the pharmaceutical industry and the regulation thereof,
regulatory investigations, the failure to comply with applicable laws, risks relating to distribution arrangements, possible
failure to realize the anticipated benefits of acquisitions and/or product launches, risks associated with the integration of
assets and businesses into Concordia's business, product launches, the inability to launch products, the fact that historical and
projected financial information may not be representative of Concordia's future results, the failure to obtain regulatory
approvals, economic factors, market conditions, acquisition opportunities, risks associated with the acquisition and/or launch of
pharmaceutical products, risks regarding clinical trials and/or patient enrollment into clinical trials, the equity and debt
markets generally, risks associated with growth and competition (including, without limitation, with respect to Concordia's niche,
hard-to-make products), general economic and stock market conditions, risks associated with the United
Kingdom's exit from the European Union (including, without limitation, risks associated with regulatory changes in the
pharmaceutical industry, changes in cross-border tariff and cost structures and the loss of access to the European Union global
trade markets), risks related to patent infringement actions, the loss of intellectual property rights, risks and uncertainties
detailed from time to time in Concordia's filings with the Securities and Exchange Commission and the Canadian Securities
Administrators and many other factors beyond the control of Concordia. Although Concordia has attempted to identify important
factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements
and forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated,
estimated or intended. No forward-looking statement or forward-looking information can be guaranteed. Except as required by
applicable securities laws, forward-looking statements and forward-looking information speak only as of the date on which they are
made and Concordia undertakes no obligation to publicly update or revise any forward-looking statement or forward-looking
information, whether as a result of new information, future events, or otherwise.
SOURCE Concordia International Corp.
