Valeant Pharmaceuticals to Buy Commonwealth Laboratories' US, Canadian Business.
M2 EQUITYBITES-July 23, 2015-Valeant Pharmaceuticals to Buy Commonwealth Laboratories' US, Canadian Business
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23 July 2015 - US-based Commonwealth Laboratories, Inc. has reached an agreement with Canadian drugmaker Valeant Pharmaceuticals International, Inc. for the acquisition by Valeant of Commonwealth's business in the United States and Canada, the company said on Thrusday.
This includes rights to IBSchek, a blood test designed to help physicians quickly and reliably diagnose irritable bowel syndrome.
Commonwealth's existing management team will remain in place and will continue to drive the strategic direction of the company.
The deal provides for an up-front purchase price to be paid by Valeant on closing, with the opportunity for additional sales-based milestones payments.
Completion of the transaction is subject to customary closing conditions. Commonwealth's current diagnostic portfolio will be offered outside of the US and Canada by Commonwealth Diagnostics International, Inc., an unaffiliated company formed by Commonwealth's current owners.
Commonwealth has most recently developed IBSchek, a test that uniquely addresses the needs of IBS patients suffering with GI discomfort by either confirming an IBS diagnosis, or potentially eliminating it as a cause of symptoms.
IBSchek is a simple ELISA based test that can be conducted via standard blood draw in a healthcare provider's office. Results are reported within 24 hours of the patient's blood specimen being received by Commonwealth for analysis. Commonwealth launched IBSchek in May of 2015 during Digestive Disease Week.
IBS is the most common gastrointestinal disorder in the US, affecting nearly 40 m Americans and an estimated 5m Canadians. IBS affects approximately 15% of the world's total population. It is more common in women than in men and the symptoms can be very difficult to diagnose.
Headquartered in Salem, Massachusetts, Commonwealth Laboratories, Inc. is a state and federally licensed, FDA-registered, independent diagnostic laboratory offering specialised diagnostic tests to aid in the diagnosis of a variety of functional gastrointestinal disorders.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jul 23, 2015|
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