CPD AND LEARNING
Miravo Healthcare | March 16, 2023
Nuvo Pharmaceuticals Inc., which operates as Miravo Healthcare (Miravo), and Searchlight Pharma Inc., a Canadian specialty firm, have recently announced the closing of the previously announced plan of arrangement of Miravo with Searchlight. As per the arrangement terms, Searchlight acquired all the outstanding common shares of Miravo in exchange for $1.35 per share in cash, and the Miravo common shares will be removed from the Toronto Stock Exchange. Miravo will also apply to cease being a reporting issuer in each of the Canadian provinces.
The registered shareholders of Miravo must complete, sign and return the letter of transmittal and share certificate(s) to TSX Trust Company, the depositary, to receive their compensation under the arrangement. Non-registered shareholders will receive their compensation through their intermediary.
Before the Arrangement, Searchlight did not possess any Company Shares. Searchlight bought 11,388,282 Company Shares, representing 100% of the issued and outstanding Company Shares, for $1.35 per Company Share in conjunction with the arrangement.
Searchlight Pharma Inc., President and CEO, Mark Nawacki, commented, "Today marks the beginning of a new chapter for Miravo as it officially combines with Searchlight and continues as a private company." He further emphasized, "Searchlight plus Miravo will be a diversified, large and strong company – based on IQVIA CDH sales data, we will rank in the top three of Canadian specialty pharma companies – and this positions us well to continue to execute our successful business model and to deliver on our leadership objective in the sector. On behalf of the Searchlight team, I express our thanks to all Miravo stakeholders for their cooperation throughout this acquisition process, and I warmly welcome our new Miravo colleagues to the Searchlight family."
(Source – Business Wire)
About Miravo Healthcare
Miravo Healthcare, formerly known as Nuvo Pharmaceuticals Inc., is a Canadian specialty pharmaceutical company that focuses on developing and commercializing innovative therapies. Its mission is to improve patient's quality of life by providing them with safe and effective treatments for chronic conditions such as pain, inflammation, and addiction. Miravo Healthcare's portfolio includes a range of prescription drugs, over-the-counter products, and medical devices used in various therapeutic areas, including pain management, dermatology, and women's health. The company's flagship product is Pennsaid, a topical non-steroidal anti-inflammatory drug (NSAID) used to treat knee osteoarthritis. It is committed to sustainability and social responsibility, and the company's initiatives include reducing its environmental footprint, supporting local communities, and promoting diversity and inclusion. With a focus on innovation and patient care, it continues making significant contributions to the pharmaceutical industry in Canada and beyond.
BUSINESS INSIGHTS, PHARMA TECH
Prnewswire | April 13, 2023
Flexan LLC announced that it is expanding its services to include custom manufacturing of sterile liquids and custom formulated solutions for a variety of medical device applications. Flexan is partnering with its parent company, ILC Dover, and its KSE Scientific division to expand offerings to its medical device customers. KSE Scientific provides standard and custom formulations and packaging while following the most stringent quality standards. The company is FDA registered for medical devices and 510(k) for sterile water and saline. With over 50,000L of Water for Injection (WFI) production capacity per day and more than 113,000 square feet of manufacturing, controlled storage, and laboratory space, KSE Scientific is ready to solve customers' challenges for sterile liquids.
Recently, both Flexan and KSE Scientific partnered to deliver a custom solution and packaging service to Clyra Medical Technologies.
"Clyra is pleased to find a high-quality partner under one roof in KSE Scientific and Flexan, to support manufacturing for our best-in-class wound management and surgical product 'Bioclynse'. Bioclynse is 510(k) cleared by the FDA, and is an efficacious, safe, long-acting wound irrigation solution that can be used during wound management, during surgery and for post-surgical wounds, with no need to rinse out throughout the entire procedure," said Steve Harrison, CEO of Clyra Medical Technologies. "We look forward to working with KSE Scientific and Flexan to support solution manufacturing and developing customized packaging and components to ensure we meet the market demand and customer requirements for delivering our solutions."
"Flexan serves a broad range customers in the medical device market and we are excited to expand our services to include custom sterile fluids for various clinical applications. In addition to adding sterile fluids, we are also excited to share that we are now offering platinum-cured silicone tubing, tubing assemblies and molded components to better serve ILC's biopharmaceutical customers worldwide," said Tony Gonzalez, President of Flexan.
About ILC Dover
ILC Dover is a world-leader in the innovative design and production of solutions for biopharmaceutical, pharmaceutical, medical device markets as well as a leading supplier for the (aero)space industries. Our customers will attest to our relentless dedication to high value products, advanced technology, and responsive service, as our visionary solutions have improved efficiency while safeguarding people, product, and infrastructure in hazardous conditions through flexible protective solutions since 1947.
BUSINESS INSIGHTS, PHARMA TECH
prnewswire | April 28, 2023
Endo International plc announced that its subsidiaries Endo Ventures Limited and Par Pharmaceutical, Inc. have executed an agreement with Slayback Pharma LLC to distribute Slayback's Prevduo™ (neostigmine methylsulfate and glycopyrrolate injection) pre-filled syringe on an exclusive basis in the U.S. The U.S. Food and Drug Administration (FDA) approved Prevduo™ in February 2023 for the reversal of the effects of nondepolarizing neuromuscular blocking agents (NMBA) after surgery, while decreasing the peripheral muscarinic effects (e.g., bradycardia and excessive secretions) associated with cholinesterase inhibition following NMBA reversal administration.
Endo will commercialize Prevduo™ through its Par Sterile Products business and expects to launch the product in June 2023.
When launched, Prevduo™ will be the first and only FDA-approved neostigmine–glycopyrrolate combination product in the U.S. Both neostigmine methylsulfate and glycopyrrolate have been approved in the U.S. as single, active ingredient drug products. Neostigmine is always administered in conjunction with glycopyrrolate, and currently, its administration requires two syringes.
"Prevduo™ further strengthens our commitment to supporting healthcare providers and their patients through ready-to-use products that streamline operations," said Scott Sims, Senior Vice President and General Manager, Injectable Solutions & Generics at Endo. "We're proud to partner with Slayback to bring this critical care product to market and help hospitals deliver quality patient care."
"Following the development and FDA approval of Prevduo™, we're pleased to partner with Endo and tap into Endo's proven capabilities in commercializing injectable solutions, including ready-to-use products," said Ajay Singh, Founder and CEO of Slayback Pharma.
Ready-to-use, or RTU, products streamline operations for hospitals by eliminating the need to prepare or transfer the product before patient administration. This may reduce waste and costs, optimize convenience and workflow and reduce the chance for preparation error—all of which support quality patient care.
Endo is a specialty pharmaceutical company committed to helping everyone we serve live their best life through the delivery of quality, life-enhancing therapies. Our decades of proven success come from passionate team members around the globe collaborating to bring treatments forward. Together, we boldly transform insights into treatments benefiting those who need them, when they need them.