Questcor Announces Purchase of BioVectra for C$50M Upfront
Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) today announced that it has signed a definitive agreement to acquire all issued and outstanding shares of BioVectra Inc., for an upfront payment of C$50 million. BioVectra is a supplier of contract manufacturing services to the global pharmaceutical and biotechnology industry and manufactures active pharmaceutical ingredients (API's), chemical intermediates, and bioprocessing reagents.
Questcor will purchase all issued and outstanding shares of BioVectra for an upfront payment of C$50 million, utilizing cash on hand. BioVectra stakeholders could also receive additional cash consideration, based on BioVectra's financial results over the next three years. The contingent payments could result in the payment of up to an additional C$50 million. The transaction is expected to be immediately accretive to non-GAAP earnings. Subject to customary conditions, Questcor anticipates closing the transaction in January 2013.
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