UPDATE 2-Concordia Healthcare boosts drug portfolio with $1.9 bln deal

Tue Sep 8, 2015 11:56am EDT
 
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* Buys Amdipharm Mercury, gains access to 190 drugs

* Enters overseas markets with deal

* Toronto-listed shares down nearly 10 pct (Adds details from conference call)

By Amrutha Penumudi

Sept 8 (Reuters) - Canada's Concordia Healthcare Corp said it would buy Amdipharm Mercury Ltd from private equity firm Cinven for $1.9 billion, boosting its portfolio of drugs to 200 from 20 and giving it a foothold in overseas markets.

Amdipharm Mercury, created with the merger of Mercury Pharma and Amdipharm in 2012, buys off-patent drugs from big pharma companies such as Novartis AG, GlaxoSmithKline Plc and Abbott Laboratories and sells them in about 100 countries.

Amdipharm's 190 drugs are used in several difficult-to-treat conditions including hyperthyroidism, depression and bacterial infections.

Concordia's shares fell nearly 10 percent on the Toronto Stock Exchange after the deal, the biggest in the company's history. The stock has more than doubled in value this year.

Amdipharm is Concordia's second acquisition this year as the Canadian company tries to gain scale through acquisitions, much like its larger rival Valeant Pharmaceuticals International Inc .   Continued...