Apollo Global Management has agreed to acquire Covis Pharma, which markets several ciclesonide aerosol products: the Alvesco MDI and Omnaris and Zetonna nasal sprays. Terms of the deal were not disclosed.
Covis is currently owned by Cerberus Capital Management, which founded the company in 2011. In 2017, Covis acquired the US rights to the three ciclesonide aerosol products from Sunovion. In 2018, the company acquired the rights to market the MDI and nasal sprays outside of the US from AstraZeneca. Covis announced an agreement with Alvogen for distribution of Alvesco in Central and Eastern European markets in August 2019.
Covis Pharma CEO Michael Porter said, “We are pleased to announce this strategic investment from Apollo. This transaction facilitates the execution of our collective vision to further build out our respiratory continuum of care for our patients, accelerate our global expansion as well as establish new therapeutic franchises. We look forward to accessing Apollo’s deep industry knowledge, operational expertise and integrated financial platform to drive innovation and accelerate our product pipeline. Apollo’s investment in our future growth marks a key milestone in Covis’ continued evolution as a leader in providing highly efficacious therapeutic solutions to patients at affordable prices. I would like to also thank Cerberus for its stewardship and help to establish Covis as one of the world’s leading specialty pharma companies.”
Apollo Partner Samuel Feinstein commented, “We are excited to work closely with Covis Pharma’s proven leadership team as they continue to develop treatments that improve patients’ lives. We see significant opportunities ahead as we pursue our shared vision of providing innovative pharmaceutical products to an even broader market. We believe that Covis Pharma is extremely well positioned to grow as a pharmaceutical platform given our collective expertise and Apollo’s deep financial resources.”
Read the Apollo Global Management press release.
