Covis acquires US rights for GlaxoSmithKline brands

Covis Pharma, a Switzerland-based specialty pharmaceutical company owned by affiliates of Cerberus Capital Management, has entered into an agreement with UK drug giant GlaxoSmithKline (LSE: GSK) to acquire full commercial rights to five pharmaceutical brands in the USA.

The drugs to be acquired are Fortaz (ceftazidime), Zinacef (cefuroxime), Lanoxin (digoxin), Parnate (tranylcypromine sulfate) and Zantac Injection (ranitidine hydrochloride) in the USA and Puerto Rico. GSK will retain the existing rights for these products in countries outside the USA. Financial terms of the agreement have not been disclosed. The agreement has received Hart-Scott-Rodino regulatory clearance in the USA.

"The Covis Pharma management team has the deep relationships and understanding of the health care markets," said Bill Collins, chief executive of Covis Pharmaceuticals Inc (USA), which will provide US sales and distribution support to Covis Pharma. "We will supply consistent, top quality, branded pharmaceuticals, ensuring that patients receive the therapeutic care they need," he added.