Sunshine Biopharma Inc, a pharmaceutical company focused on the research, development and commercialization of oncology and antiviral drugs, has completed the acquisition of all the outstanding shares of Nora Pharma Inc., effective immediately.
Nora Pharma is now a wholly owned subsidiary of Sunshine Biopharma Inc.
The addition of Nora Pharma allows Sunshine Biopharma to expand its operations into the area of generic prescription drugs and biosimilars. The purchase price of C$30 million (US$21.9 million) was paid by cash, Sunshine Biopharma common stock, and an earn-out amount.
“The strategic acquisition of Nora Pharma significantly expands our revenue stream and is expected to generate multi-year top-line and bottom-line growth going forward,” said Steve Slilaty, CEO of Sunshine Biopharma.
“This acquisition gives Sunshine a solid position in the generic prescription drugs industry and allows Sunshine to utilize its financial resources in its anticipated expansion of the business.”
Malek Chamoun, founder and president of Nora Pharma said, “Sunshine brings additional expertise and financial resources which will help Nora with its accelerated growth plan and leadership in the supply of high quality, affordable medicines to the Canadian market.”
Based in the Greater Montréal area, Nora Pharma has 36 employees and currently offers more than 50 pharmaceutical products, including generic prescription drugs, over-the-counter products and biosimilars.
Nora Pharma and its service arm that commercializes under the name Lea Solutions will continue to operate without changes going forward.
Slilaty added, “Nora Pharma will operate as a subsidiary of Sunshine Biopharma, with Mr. Chamoun as president. We are happy to have the Nora employees join the Sunshine Biopharma family.”
About Sunshine Biopharma Inc.
In addition to working with the University of Arizona on the development of a treatment for COVID-19, Sunshine Biopharma is engaged in the development Adva-27a, an anticancer compound.
Tests conducted to date have demonstrated the effectiveness of Adva-27a at destroying multidrug resistant cancer cells, including pancreatic cancer cells, small-cell lung cancer cells, breast cancer cells, and uterine sarcoma cells.
Clinical trials for pancreatic cancer are planned at McGill University’s Jewish General Hospital in Montréal.
Sunshine Biopharma is also engaged in the development of a novel anticancer mRNA called K1.1. The data collected to date have shown that K1.1 mRNA is capable of destroying cancer cells in vitro including multidrug resistant breast cancer cells (MCF-7/MDR), ovarian adenocarcinoma cells (OVCAR-3), and pancreatic cancer cells (SUIT-2).
Studies using non-transformed (normal) human cells (HMEC) have shown K1.1 mRNA had little or no cytotoxic effects. K1.1 mRNA is readily adaptable for delivery into patients using proven mRNA vaccine technology.