MONTREAL, QUEBEC--(Marketwired - Jan. 9, 2017) - Knight Therapeutics Inc. (TSX:GUD) ("Knight"), a leading Canadian specialty pharmaceutical company, announced today that it has successfully exited its investment in Apicore Inc. ("Apicore"), a promising active pharmaceutical ingredient ("API") manufacturer, after Apicore prepaid the balance of Knight's US$6.5 million secured loan issued in July 2014. In addition, Knight announced that it received proceeds of US$1.6 million from Medicure Inc. in exchange for Knight's warrants to acquire a beneficial interest of approximately 8% of Apicore granted at the time of the loan.
In summary, Knight has received full principal repayment of US$6.5 million plus US$4.0 million from interest, fees and warrants since July 2014, generating a 24.8% pre-tax internal rate of return.
"We are proud to have supported Apicore's growth and development into a leading life science company while earning a fair return in the process," said Jonathan Ross Goodman, CEO of Knight. "Early loan repayments by CRH Medical Corp. and now Apicore are strong evidence that our well-crafted secured loan partnerships can yield GUD results for all parties involved."
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.gud-knight.com or www.sedar.com.
Apicore is a leading process R&D and API manufacturing service provider for the worldwide pharmaceutical industry. Apicore offers a wide portfolio of services ranging from manufacture of API's for the generic industry to custom synthesis for early phase pharmaceutical research, and branded products. Apicore has 2 FDA-approved facilities. In the U.S., the Somerset, New Jersey facility can produce a few grams up to 200 kg volumes and in India, the Vadodara, Gujarat facility can produce a few kilograms up to 60 metric tons yearly. Both facilities are equipped with state-of-the-art analytical and research capabilities. For more information, please visit Apicore online at www.apicore.com.
This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2015. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law.