Cardiome, Correvio deal

Cardiome acquired cardiovascular company Correvio in a cash and stock deal. Correvio shareholders received 19.9% of Cardiome's outstanding shares, or about 2.5 million shares, valued at about $9.6 million based on Cardiome's close of $3.88 on Nov. 15, the last day of trading before the deal was announced. Cardiome will also pay $12 million in deferred monthly cash payments equal to 10% of product sales plus 10% compounded annual interest by Dec. 1, 2019.

Correvio, which changed its name in April from Iroko Cardio International S.a.r.l., markets cardiovascular drug Aggrastat tirofiban outside the U.S. Cardiome said the acquisition will accelerate the launch of its IV Brinavess vernakalant using financing from Aggrastat sales and Correvio's established ex-U.S. specialty sales force with a focus on cardiology in the hospital setting. Brinavess, a mixed ion channel antagonist, is approved in the EU for rapid conversion of recent onset atrial fibrillation (AF) to sinus rhythm for non-surgery, adult patients with AF of at least seven days and for post-cardiac surgery, adult patients with AF of at least three days. Cardiome markets Brinvess through its direct sales force in Germany, Spain, Sweden, Norway, Finland, Denmark and Luxembourg. ...