Cardiome acquires Correvio
Cardiome Pharma has completed the acquisition of Correvio, a privately-held pharmaceutical company in Geneva, to accelerate Cardiome's launch of BRINAVESS (vernakalant IV) and reduce BRINAVESS build out costs.
"The acquisition of Correvio markedly accelerates Cardiome's recent transformation from a R&D-based company to an integrated, commercial, specialty pharmaceutical company," said William Hunter, M.D., Cardiome's president and CEO. "The cash contribution from synergistic sales of AGGRASTAT (a Correvio product) will lessen our reliance on external financing by providing low-cost, ongoing funding while also shortening our road to profitability."
Cardiome has acquired 100% of Correvio through the purchase of a combination of assets and shares of its subsidiaries in exchange for 19.9% of Cardiome's outstanding shares (proforma ownership of approximately 16.6%) and a deferred cash consideration of $12 million.