BUZZ-Concordia Healthcare Corp: Down after completing Amdipharm buy

Wed Oct 21, 2015 1:48pm EDT
 
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** Drug developer's U.S-listed shares slumps 30 pct to a 18-month low of $19.09 after company closes acquisition of Amdipharm Mercury Ltd

** Stock is on track for its worst day ever in heavy trading

** Canada's Concordia agreed to buy Amdipharm from PE firm Cinven last month for $1.9 bln ($3.3 bln, including debt)

** Amdipharm buys off-patent drugs from big pharma such as Novartis, GSK and Abbott and sells them in about 100 countries

** About 1.8 mln Concordia shares traded, more than 4 times their 25-day moving avg

** Up to Tuesday's close, stock had fallen 68 pct since it announced the acquisition of Amdipharm on Sept. 8