Azurity Pharmaceuticals Completes Covis Pharma Acquisition
Deal to acquire Covis is expected to expand Azurity’s portfolio across multiple complex dosage forms and key therapeutics areas.
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Azurity Pharmaceuticals has completed its acquisition of Covis Pharma, making Covis a wholly owned subsidiary. Financial terms for the deal were not disclosed in a press release.
According to Azurity, the acquisition expands its portfolio across nine key therapeutic areas—cardiovascular, respiratory, central nervous system, endocrinology, gastrointestinal, hematology, immunology, anti-infectives, and oncology—as well as numerous complex dosage forms. Additionally, the acquisition is expected to enhance Azurity’s global presence in over 50 countries.1
"We are excited to welcome Covis Pharma to Azurity," said Ronald Scarboro, CEO of Azurity, in a press release. "The efforts of colleagues at both companies, their devotion to overlooked patients, and our culture of execution have brought us together to build this unique, highly differentiated pharmaceutical company. I look forward to all that we will accomplish as we grow globally and embrace new opportunities, driven by our purpose."
The acquisition follows a turbulent time for Covis on the regulatory front. In April 2023, the FDA withdrew its approval of Covis’ Makena, which had been the only treatment authorized to reduce the risk of preterm birth in pregnant women with a history of preterm delivery.2 The decision was based on results from a confirmatory post-marketing study that failed to verify the drug’s clinical benefit.3
In June 2023, Covis completed a financial recapitalization aimed at reducing its overall debt. With support from equity sponsors, first-lien lenders, and second-lien lenders, the company eliminated approximately $450 million in debt.4
"I am delighted that Azurity recognized the accomplishments and potential of Covis and am thankful for the tireless efforts of Covis colleagues in support of patients who benefit from the company's products," said Rajiv De Silva, board chairman of Covis, in the press release. "I am confident that the two companies will be able to unlock each other's highly complementary capabilities to accelerate the development and commercialization of necessary medicines for underserved patients."
References
1. Azurity Pharmaceuticals Completes Acquisition of Covis Pharma. PR Newswire. March 14, 2025. Accessed March 14, 2025. https://prnmedia.prnewswire.com/news-releases/azurity-pharmaceuticals-completes-acquisition-of-covis-pharma-302401906.html
2. Covis Statement on FDA Decision to Withdraw Approval of Makena. Covis. April 7, 2023. Accessed March 14, 2025. https://covispharma.com/index.php/covis-statement-on-fda-decision-to-withdraw-approval-of-makena/
3. FDA Commissioner and Chief Scientist Announce Decision to Withdraw Approval of Makena. FDA. April 6, 2023. Accessed March 14, 2025. https://www.fda.gov/news-events/press-announcements/fda-commissioner-and-chief-scientist-announce-decision-withdraw-approval-makena
4. Covis Announces Successful Completion of Its Previously Announced Financial Recapitalization Transaction, Resulting in a Material Strengthening of Its Financial Position. Covis. June 1, 2023. Accessed March 14, 2025. https://covispharma.com/index.php/covis-announces-successful-completion-of-its-previously-announced-financial-recapitalization-transaction-resulting-in-a-material-strengthening-of-its-financial-position/
