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Medicure buys US, Canada rights to Cadila's cholesterol-lowering drug for US$7M

Medicure Inc. said its unit Medicure International Inc. acquired the rights to market Cadila Healthcare Ltd.'s Zypitamag tablets in the U.S. and Canada for US$7 million.

Winnipeg, Canada-based Medicure will pay US$5 million up front to Ahmedabad, India-based Cadila Healthcare and deferred payments of US$2 million in the next four years. Additional payments based on the achievements of certain milestones related to net sales will also be made.

Zypitamag, or pitavastatin, is used to help lower bad cholesterol and raise good cholesterol in the blood.

Medicure had previously acquired the marketing rights of the drug in the U.S. with a profit-sharing agreement. Following the acquisition, Medicure will retain all profits with full control of marketing and price negotiation in the U.S. and Canada.