Sunshine Biopharma Buys Nora Pharma
Canadian pharma Sunshine Biopharma has taken over compatriot company Nora Pharma for C$30 million.
Based in the Greater Montreal area, Nora Pharma has 36 employees and offers over 50 pharmaceutical products, including generic prescription drugs, over-the-counter products and biosimilars.
“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 Sunshine Biopharma CEO Steve Slilaty. “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.”
Nora Pharma’s founder Malek Chamoun will continue in his role as president of the business, which is now operating as a wholly owned subsidiary of Sunshine Biopharma.
Based in Montreal, Sunshine is focused on the research, development and commercialization of oncology and antiviral drugs. It currently has three drugs in development: Adva-27a for treating pancreatic cancer; K1.1-mRNA for multidrug-resistant cancer and SBFM-PL4, an antiviral for the potential treatment of Covid-19.
Author: Elaine Burridge, Freelance Journalist
