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Cipher Pharmaceuticals to acquire Cardiome Pharma's Canadian business portfolio

Cipher Pharmaceuticals Inc. is acquiring Cardiome Pharma Corp.'s Canadian business portfolio for C$25.5 million in cash.

The portfolio includes four drugs: Brinavess and Aggrastat, which are on the market in Canada; Xydalba, which is already approved in the U.S. and may receive regulatory approval in Canada as early as this year; and Trevyent, whose Canadian regulatory filing is planned in 2019.

Cardiome will transfer all of its assets, except the Canadian business portfolio, to a newly created company called Correvio Pharma Corp., which will list on the Nasdaq and the TSX and will be owned by the entity's existing shareholders.

The Canadian business portfolio will retain the Cardiome Pharma name.

The Cardiome board is backing the deal, which requires the approval of approximately 67% of the company's shareholders.

Evans & Evans Inc. advised the Cardiome board on the deal.