Merus Labs International has acquired from Novartis AG, in certain European countries, the rights to manufacture, market, and sell the branded prescription medicine product Sintrom® (acenocoumarol). Acenocoumarol is an anticoagulant indicated for the treatment and prevention of thromboembolic diseases. Sintrom® has been available in Europe for over 50 years and in calendar year 2013 the product had net sales of approximately US$28 million in the territories acquired.
The Company funded the Sintrom® acquisition with cash on hand and a debt facility provided to Merus by a syndicate of lenders which also refinanced the Company’s existing debt. Other financial terms of the acquisition were not disclosed. Pursuant to the acquisition, Merus inlicensed the Sintrom® trademark, certain related intellectual property, and acquired other information and materials required to continue commercializing the brand in the territories acquired.
“We are pleased to have completed this product acquisition with Novartis, a top tier pharmaceutical company. The addition of this product will substantially increase the revenues and associated EBITDA of the Company, as well as, bring further scale and diversity to our existing product portfolio. We are also pleased to have entered into a new debt facility with a syndicate of lenders which will assist with financing solutions for future product acquisition opportunities,” said Elie Farah, President and CEO of Merus Labs International Inc.