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Article: Biovail Acquires North American Rights to Aventis's Cardizem.(Brief Article)
- Article from:
- Chemical Market Reporter
- Article date:
- January 8, 2001
CopyrightCOPYRIGHT 2001 Schnell Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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FACING DECLINING revenues and increased generic competition, Aventis Pharmaceuticals, the US pharmaceutical company of Aventis Pharmaceuticals, the US pharmaceutical company of Aventis Pharma AG, has agreed to sell the North American rights to the Cardizem (diltiazem) family of cardiovascular products for $409.5 million to Biovail Corporation, a Toronto-based pharmaceutical company.
Biovail will pay Aventis Pharmaceuticals $239.5 million at closing for the rights to all Cardizem products in North America, with the balance to be paid over four quarterly payments in 2001. Biovail will fund the acquisition through existing cash balances, cash flows from operations ...