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Covis to buy U.S. rights to 5 products.

ZUG, Switzerland -- Covis Pharma Sarl, a Switzerland-based specialty pharmaceutical company, is acquiring U.S. rights for Fortaz (ceftazidime), Zinacef (cefuroxime), Lanoxin (digoxin), Parnate (tranylcypromine sulfate) and Zantac Injection (ranitidine hydrochloride) from GlaxoSmithKline PLC (GSK).

Financial terms were not disclosed. Trademarks will be licensed from GSK except for the Zantac trademark, which will be sublicensed.

"We are pleased to announce the acquisition of this portfolio of drugs as we establish Covis as a leading specialty pharmaceutical company," says Jack Davis, chief executive officer of Covis Pharma.

"Our world-class management team looks forward to building out our platform beyond the current focus on the acute care, cardiovascular and CNS markets into new and adjacent therapeutic areas."

The agreement has received HartScott-Rodino regulatory clearance in the United States.

"The Covis Pharma management team has the deep relationships and understanding of the health care markets," says Bill Collins, CEO of Covis Pharmaceuticals Inc (USA). "We will supply consistent, top-quality, branded pharmaceuticals, ensuring that patients receive the therapeutic care they need."

Covis Pharmaceuticals Inc. (USA) is a Raleigh, N.C.-based affiliate that will provide U.S. sales and distribution support to Covis Pharma.

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Title Annotation:RX: RETAIL PHARMACY: Branded Drugs
Publication:Chain Drug Review
Date:Jan 16, 2012
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