NEW DELHI: Azurity Pharmaceuticals Friday announced the successful completion of its acquisition of Covis Group from its existing investors. As a result, Covis is now a wholly-owned subsidiary of Azurity.

This acquisition strengthens Azurity's leadership in branded pharmaceuticals by combining the strengths of both companies across a broad range of complex dosage forms and therapeutic areas. With this merger, Azurity enhances its ability to provide vital medications to underserved patient populations globally.

The integration of Covis' product portfolio and pipeline significantly boosts Azurity's offerings across ten complex dosage forms and nine key therapeutic areas, such as cardiovascular, respiratory, central nervous system, endocrinology, gastrointestinal, hematology, immunology, anti-infectives, and oncology.

The acquisition also enhances Azurity's global footprint, increasing its commercial presence to over 50 countries and expanding patient access to life-changing treatments. Azurity and its subsidiaries now employ over 800 professionals across North America, Europe, and Asia.

The merger, according to the statement, positions the combined company as a leading partner for global life sciences companies looking to develop and commercialize their products. With strong development capabilities and a robust global commercial infrastructure, Azurity offers unparalleled support to its partners.

"We are thrilled to welcome Covis Pharma to Azurity," said Ronald Scarboro, CEO of Azurity. "Our shared dedication to serving overlooked patients and our commitment to execution have brought us together to create a highly differentiated pharmaceutical company. I look forward to the exciting opportunities ahead as we expand globally and continue our mission."

Rajiv De Silva, Chairman of Covis, expressed his enthusiasm, saying, "I am proud that Azurity recognizes the achievements and potential of Covis. The combined strengths of both companies will allow us to accelerate the development and availability of essential medicines for underserved patient populations."

Jeff Edwards, Partner at QHP Capital, Azurity’s majority owner, stated, "We are proud to support Azurity in this acquisition, which aligns with our focus on investing in life sciences and healthcare innovations. It’s been a privilege to help Azurity grow from a small, U.S.-focused company in 2018 into a global, diversified, high-growth enterprise. We remain committed to helping Azurity continue its impressive trajectory."

Goldman Sachs acted as the financial advisor to Azurity, with Eversheds Sutherland and White & Case serving as its legal advisors. Covis was advised by Guggenheim Securities, with Reed Smith and A&O Shearman providing legal counsel.