Concordia obtains court approval of plan, announces management changes

By Caroline Salls

Pittsburgh, June 26 – Concordia International Corp. obtained a final court order from the Ontario Superior Court of Justice approving the Canada Business Corporations Act plan of arrangement under which its recapitalization transaction is being implemented, according to a news release.

The recapitalization transaction is expected to be completed on or about July 31, subject to the satisfaction or waiver of all conditions to the plan.

Concordia also announced several leadership changes, which the company said it believes will more effectively support its focus on becoming a leader in European specialty, off-patent medicines, and will create a truly unified executive leadership team.

Graeme Duncan has been named Concordia’s permanent chief executive officer after assuming the role of interim CEO on May 2.

Adeel Ahmad has been appointed chief financial officer. Ahmad will take on this role immediately and will replace David Price, who will continue to support the recapitalization process through to conclusion and will leave the organization on July 31.

Karl Belk, previously senior vice president of global pharmaceutical operations, has been promoted to chief operations officer.

Simon Tucker has been promoted to president of Concordia’s international segment and will oversee the management of the company’s North America segment and its rest-of- world territories.

The company’s commercial efforts around photodynamic therapy for the treatment of some types of cancer will continue to be managed separately.

Sanjeeth Pai, who has been president of Concordia North America, will step down from the position on Aug. 31.

Paul Burden has been promoted to president of Concordia’s U.K. and Ireland division.

Concordia is an Oakville, Ont., specialty pharmaceutical company focused on European specialty, off-patent medicines.

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