Advanz Pharma Acquires Correvio Pharma
On March 16, Correvio Pharma Corp. (CORV) announced that the company signed an acquisition agreement with Advanz Pharma Corp. Limited (ADVZ). Advanz Pharma will pay approximately $76 million for all outstanding Correvio shares and will execute the acquisition through its wholly-owned subsidiary, Mercury Pharma Group Limited. Correvio is a specialty pharmaceutical company focusing on commercializing hospital drugs. Advanz Pharma has a diversified portfolio of more than 200 branded and unbranded products in more than 90 countries.
Sonal issued a news alert at 7:00 am. Correvio’s last trade had been at 6:37 am for $0.295. Its stock price spiked above $0.40 immediately after the news release. The stock closed at $0.345 for an event-day gain of 17%.
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