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Cardiome Pharma Corp To Acquire Correvio LLC


Monday, 18 Nov 2013 04:15pm EST 

Cardiome Pharma Corp. announced that it has completed the acquisition of Correvio LLC (Correvio), a privately held pharmaceutical company headquartered in Geneva, Switzerland. Under the terms of the agreement, 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 USD12 Million. The deferred cash consideration will be repaid monthly at an amount equal to 10% of cash receipts from product sales and any applicable interest accrued at 10% compounded annually. The adjusted deferred cash consideration must be repaid in full by December 1, 2019. 

Company Quote

7.82
-0.18 -2.25%
4:00pm EDT