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Cipher Pharmaceuticals acquires Cardiome Pharma's Canadian business portfolio

Cipher Pharmaceuticals Inc. completed its acquisition of the Canadian business portfolio of Cardiome Pharma Corp. for C$25.5 million.

The portfolio includes four drugs: Brinavess, for changing irregular or fast heartbeat to normal heartbeat; Aggrastat, which reduces blood clots in patients with acute coronary syndrome; Xydalba, for treating acute bacterial skin and skin structure infections; and Trevyent, a drug device combination that delivers treprostinil, which treats pulmonary arterial hypertension.

Canada-based Cipher funded the transaction with cash and an amendment to its current debt facility with Canadian Imperial Bank of Commerce to draw an additional US$5 million.

Cardiome Pharma, a Canadian provider of cardiology products, changed its name to Correvio Pharma Corp.

The company will continue to trade under the tickers CRME and COM on Nasdaq and the Toronto Stock Exchange, respectively, until the TSX finalizes its transition and announces commencement of trading under its new ticker symbol CORV, which is expected to occur in two to three trading days after closing.