Cadila Healthcare has entered into an asset purchase agreement to sell its right, title and interest in ZYPITAMAG (Pitavastatin), along with applicable registrations and intangible assets relating to ZYPITAMAG for USA and Canada markets to Medicure Inc., a cardiovascular pharmaceutical company. Medicure had previously acquired US marketing rights with a profit-sharing arrangement with Cadila.
With this acquisition, Medicure retains all profits, with full control of marketing and pricing negotiation for USA and Canada markets. Under terms of the agreement, the company will receive an upfront payment of $5 million and $2 million in deferred payments to be made over the next four years, contingent payments on achievement of sales milestones and royalties on net sales.
Cadila Healthcare is an India-based pharmaceutical company. The company’s subsidiaries include Zydus Wellness, Liva Pharmaceuticals, Biochem Pharmaceutical Industries, Zydus Technologies, German Remedies, Dialforhealth India, Dialforhealth Unity and Dialforhealth Greencross, among others.