MERUS LABS INTERNATIONAL INC. SIGNS BINDING LETTER OF INTENT TO ACQUIRE BRANDED PHARMACEUTICAL PRODUCTS
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The Canadian National Stock Exchange has not approved nor disapproved the contents of this press release.
VANCOUVER, April 18 /CNW/ - Merus Labs International Inc. ("Merus" or the "Company") is pleased to announce that it has signed a binding letter of intent ("LOI") with a multinational pharmaceutical company to acquire their branded pharmaceutical products for the Canadian market. The products are administered orally in different dosages for treatment of various acute ailments. According to IMS the products had total sales of approximately $7.0 mil in 2010 in Canada.
Subject to the approval of the board of directors of both companies, the transaction is expected to close on or before June 1, 2011.
"We are pleased to sign this binding agreement for the acquisition of these products that have such strong brand equity in Canada. Merus management will continue to work closely with our legal, regulatory and financial advisors to complete our due diligence towards the successful completion of this transaction." said Ahmad Doroudian, president and CEO.
About Merus Labs International Inc.
Merus is a specialty pharmaceutical company engaged in the acquisition and licensing of pharmaceutical products. The Company utilizes its expertise in the North American pharmaceutical markets and its access to capital to acquire and license niche branded products in Canada and United States. Merus further enhances the sale and distribution of these products by introduction of a focused marketing and promotion plan.
This press release may contain forward-looking statements that involve
risks and uncertainties. These statements relate to future events or
our future financial performance. In some cases, you can identify
forward-looking statements by terminology including "could", "may",
"will", "should", "expect", "plan", "anticipate", "believe",
"estimate", "predict", "potential" and the negative of these terms or
other comparable terminology. While these forward-looking statements,
and any assumptions upon which they are based, are made in good faith
and reflect our current judgment regarding the direction of our
business, actual results will almost always vary, sometimes materially,
from any estimates, predictions, projections, assumptions or other
future performance suggested in this report. Except as required by
applicable law, we do not intend to update any of the forward-looking
statements so as to conform these statements to actual results.
Investors should refer to the risks disclosed in the Company's reports
filed from time to time with securities regulatory authorities.
Dr. Ahmad Doroudian, Chief Executive Officer
Merus Labs International Inc.
Tel: (604) 805-7783