ADVANZ PHARMA Corp. Comments on CMA Statement of Objections Related to Prochlorperazine
MISSISSAUGA, ON, May 23, 2019 /PRNewswire/ - ADVANZ PHARMA Corp. ("ADVANZ PHARMA" or "the Company") (TSX:ADVZ), a global pharmaceutical company focused on serving the needs of patients and healthcare providers around the world with enhanced access to high quality, niche-established medicines, today commented on the issuance by the UK Competition and Markets Authority (the "CMA") of a Statement of Objections ("SO") to various parties, including ADVANZ PHARMA, related to competition matters pertaining to the Company's medicine, prochlorperazine buccal tablets.
The SO issued today includes matters that pre-date the Company's ownership of the medicine, which was acquired from Cinven and certain other sellers as a result of a transaction to purchase Amdipharm Mercury Limited ("AMCo"), which closed on October 21, 2015. The former owner of AMCo, Cinven, is also named in the SO.
The SO also includes matters that pre-date AMCo's ownership of prochlorperazine, which commenced on October 1, 2014, when AMCo acquired the Focus Pharmaceuticals Limited group.
A SO is a provisional view only by the CMA that a competition law infringement may have occurred. It is not a finding of infringement nor does it necessarily lead to an infringement decision. The CMA's SO relates to an investigation that commenced in October 2017. In 2018, the CMA discontinued its investigations into four other products of the Company.
The Company stated, "We are committed to ensuring continued access to high quality, niche-established medicines for patients in the UK, and providing many medicines that offer significant savings to the NHS. We take competition law very seriously and do not believe that competition law has been infringed. We will review the CMA's preliminary position, as specified in its SO, and we plan to respond in detail as we continue to work constructively with the CMA."
About ADVANZ PHARMA
ADVANZ PHARMA operates an international specialty pharmaceutical business with a diversified portfolio of more than 200 patented and off-patent products, and sales in more than 90 countries and going forward is focused on becoming the leading platform for niche-established medicines, with advanced commercial capabilities throughout Western Europe.
ADVANZ PHARMA operates out of facilities in Mississauga, Ontario and, through its subsidiaries, operates out of facilities in Sydney, Australia; Bridgetown, Barbados; London, England; Mumbai, India; Dublin, Ireland; St. Helier, Jersey; and in Helsingborg, Sweden.
Notice regarding forward-looking statements and information:
This news release includes forward‐looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward‐looking information within the meaning of Canadian securities laws, regarding ADVANZ PHARMA and its business, which may include, but are not limited to, statements with respect to statements with respect to the CMA investigation, the Company's plan to respond in detail and work constructively with the CMA, the Company's belief that it has not breached competition laws, the commitment of the Company to ensuring access to high quality, niche-established medicines for patients in the UK and the commitment of the Company to providing medicines that offer significant savings to the NHS. Often, but not always, forward‐looking statements and forward‐looking information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes", "aims", "becomes", "sees", "looks" or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the Company's management, and are based on assumptions and subject to risks and uncertainties. Although the Company's management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks associated with the CMA investigation, the inability to help innovate, shape and grow the specialty, off-patent sector, the inability to build on the Company's current capabilities and global footprint, the Company being unable to meet the increasingly complex needs of global healthcare systems, the Company's inability to build on its current capabilities and global footprint, the Company's inability to supply a diverse range of high quality, established medicines, the Company's inability to provide a platform for future growth, the Company's inability to provide greater access to medicines for patients, the Company's inability to provide sustainable value for healthcare providers, the Company's inability to maintain its current financial position, the risk that the Company's shareholders do not support the Company's current strategy, the Company's inability to deliver a progressive company that is ready for the future, the Company's inability to leverage its current balance sheet to build out its pipeline of medicines, the Company's inability to leverage its balance sheet to acquire both companies and standalone medicines, the Company's inability to be the most idea-generative company in the generics industry, and risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission and the Canadian Securities Administrators and many other factors beyond the control of the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement or forward-looking information can be guaranteed. Except as required by applicable securities laws, forward-looking statements and forward-looking information speak only as of the date on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statement or forward-looking information, whether as a result of new information, future events, or otherwise.
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SOURCE ADVANZ PHARMA Corp.
Company Codes: OTC-PINK:CXRXF, Toronto:ADVZ