Horizon Pharma plc Completes Sale of European Subsidiary

Horizon Pharma plc (NASDAQ:HZNP) completed a $72.2 million sale of its European subsidiary, which owns the marketing rights to PROCYSBI delayed-release capsules and QUINSAIR Europe, the Middle East and Africa to Chiesi Farmaceutici.
As quoted in the press release:

Horizon will maintain control of manufacturing supply in the EMEA regions through its third party supplier.  In addition, Horizon will maintain marketing rights for PROCYSBI and QUINSAIR in the United States, Canada and Latin America.  The divested subsidiary has facilities in the Netherlands, France and Germany and has approximately 40 employees.
As previously announced, Horizon anticipates the divestiture to result in a reduction of full-year 2017 net sales by approximately $15 million related to PROCYSBI and QUINSAIR in the EMEA region, with a neutral impact to its full-year 2017 adjusted EBITDA. Accordingly, the company’s full-year 2017 net sales are now expected to be in a range of $985 million to $1.020 billion. Horizon’s full-year 2017 adjusted EBITDA guidance range of $315 million to $350 million has not changed.

Click here to read the full press release.

Source: globenewswire.com