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Deal is valued at $21.9 million
Sunshine Biopharma Inc., a pharma company focused on the research, development, and commercialization of oncology and antiviral drugs, has officially completed the acquisition of Nora Pharma Inc., who specializes in the distribution of generic and specialty drugs, effective immediately. The company is now a wholly owned subsidiary of Sunshine Biopharma Inc.
The addition of Nora Pharma allows Sunshine Biopharma to expand its operations into the area of generic prescription drugs and biosimilars. The purchase price of approximately $21,900,000 was paid by cash, Sunshine Biopharma common stock, and an earn-out amount. Per the deal, the distributor is now operating as a Sunshine Biopharma subsidiary; Malek Chamoun will continue to serve as its president.
“The strategic acquisition of Nora Pharma significantly expands our revenue stream and is expected to generate multi-year top-line and bottom-line growth going forward,” says Dr. Steve Slilaty, CEO of Sunshine Biopharma. “This acquisition gives Sunshine a solid position in the generic prescription drugs industry and brings us closer to our objective of becoming a fully-integrated pharma company.”