Trump’s drug company makes a comeback with $3 billion deal with drugmaker
President Donald Trump’s company is looking to get back on its feet after losing $3.9 billion last year to a new company called Pharmascience.
Pharmascientics is a subsidiary of Pharmacymark Corp., the company that has been struggling to make a dent in the U.S. drug market.
PharmacyMark said it was the only major U.K. company in the market that has entered the market with a major pharmaceutical product, the generic version of the drug called Celebrex.
The deal, which is subject to regulatory approval, will give Pharmasencex a new competitor for Celebrev.
In the deal, the company will also get an estimated $2.4 billion in cash.
In January, Pharmasentiales reported a $1.5 billion loss, but the company has made a turnaround, according to CEO James C. Brown.
“The deal is a huge win for the entire industry, for the pharma sector and for the United States,” he said in a statement.
The Pharmasensex deal is subject only to regulatory review and is expected to close in the first quarter of 2021.
Pharmaciescience’s stock has risen nearly 6% since the deal was announced last month.
The company has said it plans to double sales in 2018.
The stock price has more than tripled since the news of the deal broke.
The drugmaker said it had spent about $1 billion on marketing and other costs for the Celebreva product and was looking to expand the brand to other countries.
The price tag for the new Celebrevisa will be more than $30,000 a month, according the company.
Pharmacist Andrew G. Smith, an orthopedic surgeon in New York, said he had been looking for a generic version for more than a year and was thrilled to be able to get it.
“It’s great to finally have a generic that doesn’t cost anything,” he told The Associated Press.
“I don’t think I’ve ever been more excited about a product in my life.”
The drugstore chain had been trying to sell Celebrevs generic versions of Celebrexes drugs for about a decade.
The Pfizer-owned company has struggled to keep up with demand for Celebras generic versions, and Pfizer has been selling the generic versions at a lower price point.
In March, the drugstore company announced that it would no longer manufacture Celebrexs.
The FDA said in July that it was reviewing the drugmaker’s compliance with the Food and Drug Administration’s new rule requiring drugmakers to include the brand name in their generics.