OAKVILLE, ON, Oct. 25, 2016 /CNW/ - Concordia International Corp.
("Concordia" or the "Company") (NASDAQ: CXRX) (TSX: CXR), an international specialty pharmaceutical company focused on generic and
legacy pharmaceutical products and orphan drugs, today announced that the UK Competition and Markets Authority (CMA) is
investigating various issues in relation to the UK pharmaceutical sector, and that Concordia's International segment is part of the
inquiry.
The CMA's investigation includes matters that pre-date Concordia's ownership of the International segment. Concordia acquired
the International segment as a result of its transaction to purchase Amdipharm Mercury Limited, which closed on October 21, 2015.
The CMA confirmed that it has not reached a view as to whether there is sufficient evidence of any infringement for it to issue
a statement of objections.
The Company commented: "We are working cooperatively to better understand the CMA's positon and we will continue to work
constructively to resolve the matter. Although Concordia has also had past discussions with the CMA regarding the supply of certain
of its products in the UK, this is the first interaction with the CMA regarding the Company's pricing. There has been speculation
in the press about these issues and this affords us the opportunity to have an objective discussion about our products and their
contribution to the healthcare system."
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 investigation by the CMA of Concordia's International Segment 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 CMA's investigation of Concordia's International Segment, risks associated with any fine that may be imposed on
Concordia with respect to any competition law infringement, 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.
