US-based specialty pharmaceutical firm Pozen has agreed to purchase Tribute Pharmaceuticals Canada for around $146m.

Once the deal concludes, the combined company will be named Aralez Pharmaceuticals that will operate from Ireland. The stockholders of Pozen will hold around 66% of Aralez, while Tribute will own the remaining 34% interest.

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A syndicate of healthcare investors headed by Deerfield has committed to provide $350m growth capital for the combined company.

Pozen CEO Adrian Adams said: "Pozen is focused on becoming a leading player in the North American specialty pharmaceuticals space, and we expect this transformative acquisition to enhance our offerings while providing significant benefits for all of our stakeholders."

"The deal will allow Pozen to create a premier specialty pharmaceutical firm with a broad range of commercial products."

The deal will allow Pozen to create a premier specialty pharmaceutical firm with a broad range of commercial products and will expand its foreign operations through potential international sales and licensing, manufacturing and product development.

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Tribute’s portfolio comprises Fibricor, Bezalip SR and Visken/Viskazide for various cardiovascular indications, Cambia and Fiorinal and Fiorinal C for acute migraines and tension headaches, as well as other specialty products.

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Tribute president and CEO Rob Harris said: "We are very pleased to join with Pozen and have the opportunity to leverage the expertise of its management team across the healthcare, pharmaceutical and, in particular, cardiovascular sectors."

Subject to customary closing conditions, the deal is expected to be completed in the fourth quarter of this year.

Pozen produces coordinated-delivery tablet Yosprala that provides cardiovascular benefit of aspirin while reducing its gastrointestinal side-effects.

The company also produces two commercial pain products, Vimovo and Treximet, which are marketed by its partners worldwide.