Cumberland Enters $100M Agreement with Apotex

Cumberland has entered into an agreement with an affiliate of Apotex, a Canadian based pharmaceutical company, to integrate their branded U.S. businesses. Under the terms of the agreement, Apotex will acquire Cumberland's line of branded pharmaceuticals for cash consideration of $100M, and create a platform aiming to deliver specialty medicines that improve the quality of patient care. The transaction is subject to authorization and approval by Cumberland's shareholders. Cumberland will retain its pipeline product candidates which it intends to focus on developing following the closing of the transaction. It will also retain its majority ownership position in Cumberland Emerging Technologies. In addition to its portfolio of FDA approved brands involved in the transaction with Apotex, Cumberland is developing ifetroban, a thromboxane antagonist through a series of programs designed to address unmet medical needs. The company has announced results in a Phase II clinical study of ifetroban in patients with cardiomyopathy associated with Duchenne muscular dystrophy. Interactions with the FDA are underway regarding the study results and remaining requirements for approval. The program has received Orphan Drug, Rare Pediatric Disease and more recently Fast Track designations from the FDA.