Source: centralcharts

Press Release: Nuvo Pharmaceuticals : Nuvo Pharmaceuticals Declared Winning Bidder to Acquire Commercial Products from Aralez Pharmaceuticals

MISSISSAUGA, ON, Nov. 29, 2018 /PRNewswire/ - Nuvo Pharmaceuticals Inc. (Nuvo or the Company) (TSX:NRI; OTCQX:NRIFF), a globally focused, healthcare company with a portfolio of commercial products and pharmaceutical manufacturing capabilities, today announced that it has been informed by Aralez Pharmaceuticals Inc. (Aralez) that Nuvo's previously announced acquisition of Aralez's Canadian business and the Vimovo® royalty stream (the Transaction) was the most favourable bid received and that Aralez will seek court approval for the Transaction. The Transaction must be approved by the Ontario Superior Court of Justice and the U.S. Bankruptcy Court for the Southern District of New York which oversee the respective pending proceedings involving Aralez and certain affiliates under Canada's Companies' Creditors Arrangement Act (the CCAA) and chapter 11 of the U.S. Bankruptcy Code. Subject to such court approvals and other customary closing conditions, closing is anticipated to occur prior to December 31, 2018.

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Jesse Ledger's photo - President & CEO of Nuvo Pharmaceuticals

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Jesse Ledger

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Nuvo is a healthcare company that manufactures and commercializes pharmaceutical products for the topical pain relief. Read more