Questcor Pharmaceuticals Inc. has signed a definitive agreement to acquire all
issued and outstanding shares of BioVectra Inc., for an upfront payment of nearly $50 million
| 1 min read
ANAHEIM, Calif.—Questcor Pharmaceuticals Inc. has signed adefinitive agreement to acquire all issued and outstanding shares of BioVectraInc., for an upfront payment of nearly $50 million.
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ANAHEIM, Calif.—Questcor Pharmaceuticals Inc. has signed adefinitive agreement to acquire all issued and outstanding shares of BioVectraInc., for an upfront payment of nearly $50 million.
Located in Prince Edward Island, Canada, BioVectra is alongtime partner to many top pharmas, supplying contract manufacturing servicesmanufacturing active pharmaceutical ingredients (APIs), chemical intermediatesand bioprocessing reagents. The company's capabilities include syntheticorganic chemistry, natural extraction of bioactive compounds from plant andanimal-based biomass sources, PEGylation and conjugation chemistry andfermentation of a variety of molecule types. BioVectra's facilities have beenapproved by United States and Canadian regulatory authorities to produce andsupply intermediates, APIs and drug substances.
BioVectra has been Questcor's manufacturing partner for theAPI in Questcor's H.P. Acthar Gel (repository corticotropin injection) fornearly a decade.
The acquisition will enable Questcor to further secure themanufacturing process trade secrets surrounding Acthar. BioVectra will continueto operate independently in Prince Edward Island under its existing managementteam, and Questcor intends to support the continued growth of BioVectra'sbusiness.
BioVectra's facilities are staffed by approximately 180employees including chemists, engineers and technicians. BioVectra had sales ofapproximately $28 million in its last fiscal year ended Aug. 31, 2012, a15-percent increase over its prior fiscal year.
"We are excited to join efforts with BioVectra as we look todiversify our revenue," said Don M. Bailey, president and CEO of Questcor."This action puts us in a better position to meet the continuing growth indemand for Acthar, brings to our company a broader depth of technical andscientific expertise, and provides us with a platform for potential internationalexpansion."
