Glaxo (GSK) to Sell Fortaz, Parnate, Zantac, Other Rights in U.S., Puerto Rico to Covis Pharma

Covis Pharma Sarl, a Switzerland-based specialty pharmaceutical company owned by affiliates of Cerberus Capital Management, L.P., today announced an agreement with GlaxoSmithKline (NYSE: GSK) to acquire full commercial rights for Fortaz (ceftazidime), Zinacef (cefuroxime), Lanoxin (digoxin), Parnate (tranylcypromine sulfate), and Zantac Injection (ranitidine hydrochloride) in the United States and Puerto Rico. GlaxoSmithKline will retain the existing rights for these products in countries outside the United States.

Terms of the agreement have not been disclosed.

GSK will manufacture and supply Fortaz Injection, Zinacef Injection, Parnate, and Zantac Injection to Covis. Lanoxin Tablets and Injection, Fortaz Frozen, Zinacef Frozen and Zantac Injection Premixed will continue to be manufactured and supplied by current third-party suppliers.

The agreement has received Hart-Scott-Rodino regulatory clearance in the United States.

Bourne Partners acted as a financial advisor to Covis Pharma.

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