Charlottetown drug manufacturer BioVectra Inc. has agreed to sell out to Questcor Pharmaceuticals of Anaheim, Calif., for up to $100 million in cash and deferred payments, in a deal that will give the P.E.I. company the capital needed to pursue its growth strategy.
BioVectra CEO Ron Keefe said in a phone interview today the acquirer has agreed to let the 43-year-old company run independently in Charlottetown with the same management team.
Questcor will pay shareholders of BioVectra about $50 million when the deal closes, which is expected this month. It has also agreed to pay a further