EXCLUSIVE: Sunshine Biopharma Acquires Canadian Generic Player For $22M

Sunshine Biopharma Inc (NASDAQ: SBFM) acquired Nora Pharma Inc, a Canada-based generic pharmaceuticals company.

What Happened: Sunshine Biopharma paid C$30 million (approximately $21.9 million) in cash, shares, and an earn-out amount.

As of June, Sunshine held around $42 million in cash balance.

The addition of Nora Pharma allows Sunshine Biopharma to expand its operations into generic prescription drugs and biosimilars.

Based in the Greater Montreal area, Nora Pharma has 36 employees and operates in a 15,000-square-foot facility.

Nora Pharma offers over 50 pharmaceutical products, including generic prescription drugs, over-the-counter products, and biosimilars.

Nora Pharma and its service arm that commercializes under Lea Solutions will continue to operate without changes.

Why It Matters: The acquisition adds $10.7 million in sales.

“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 Dr. Steve Slilaty, CEO of Sunshine Biopharma.

Dr. Slilaty continued, “This acquisition gives Sunshine a solid position in the generic prescription drugs industry and brings us closer to our objective of becoming a fully-integrated pharma company.”

In an exclusive interview with Benzinga, Camille Sebaaly, Sunshine Biopharma’s CFO, spoke about the company’s current and near-future endeavors.

Earlier in the year, Sunshine Biopharma said that two of its newly designed mRNA molecules can effectively destroy cancer cells grown in culture.

Price Action: SBFM shares are down 1.56% at $1.26 during the premarket session on the last check Thursday.

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