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Questcor Pharmaceuticals acquires BioVectra
ANAHEIM, Calif.—Questcor Pharmaceuticals Inc. has signed a definitive agreement to acquire all issued and outstanding shares of BioVectra Inc., for an upfront payment of nearly $50 million.
Located in Prince Edward Island, Canada, BioVectra is a longtime partner to many top pharmas, supplying contract manufacturing services manufacturing active pharmaceutical ingredients (APIs), chemical intermediates and bioprocessing reagents. The company's capabilities include synthetic organic chemistry, natural extraction of bioactive compounds from plant and animal-based biomass sources, PEGylation and conjugation chemistry and fermentation of a variety of molecule types. BioVectra 's facilities have been approved by United States and Canadian regulatory authorities to produce and supply intermediates, APIs and drug substances.
BioVectra has been Questcor's manufacturing partner for the API in Questcor's H.P. Acthar Gel (repository corticotropin injection) for nearly a decade.
The acquisition will enable Questcor to further secure the manufacturing process trade secrets surrounding Acthar. BioVectra will continue to operate independently in Prince Edward Island under its existing management team, and Questcor intends to support the continued growth of BioVectra's business.
BioVectra's facilities are staffed by approximately 180 employees including chemists, engineers and technicians. BioVectra had sales of approximately $28 million in its last fiscal year ended Aug. 31, 2012, a 15-percent increase over its prior fiscal year.
"We are excited to join efforts with BioVectra as we look to diversify our revenue," said Don M. Bailey, president and CEO of Questcor. "This action puts us in a better position to meet the continuing growth in demand for Acthar, brings to our company a broader depth of technical and scientific expertise, and provides us with a platform for potential international expansion."