Cipher Pharmaceuticals completes sale of assets from Cipher US to EPI Group.
Cipher Pharmaceuticals (TSX: CPH) will sell all assets from its US subsidiary to EPI Group.
As quoted in the press release:
Under the terms of the Agreement, EPI acquired substantially all the assets of Cipher US for cash consideration of US$13.6 million, subject to certain purchase price adjustments and the transfer of certain liabilities, plus a regulatory milestone of US$0.75 million if certain predefined conditions are achieved.
This transaction does not include or impact Cipher’s licensing business in the U.S.
“The sale of our Cipher US assets is consistent with our stated strategy to focus our resources on the continued expansion of our Canadian commercial operation, our highly profitable global licensing business and our pipeline,” said Robert Tessarolo, President and Chief Executive Officer of Cipher. “I would like to thank Stephen Lemieux, our Chief Financial Officer, for his leadership in negotiating and executing this transaction. We offer our sincere appreciation to the U.S. team for their commitment and dedication during their time with Cipher.”