Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company, today announced that it has commenced a strategic review of its branded product portfolio, as well as its roster of international partners. The Company expects to communicate results from the review during its upcoming report on the first quarter of 2019.
The strategic review follows an accelerated business development initiative that has resulted in a series of transactions over the last thirty six months. Following the Company’s acquisition of Vibativ® in late 2018, its commercial portfolio now includes eight FDA-approved brands. The product line encompass three medical specialties – hospital acute care, gastroenterology and oncology. The brands are supported by Cumberland’s two national sales divisions, one of which covers key hospital accounts across the United States, and the other targets gastroenterologists and other select office-based physicians. This strategic review will consider the status of each brand in its product life cycle, its profitability, synergies with other products in the Company’s portfolio and assurance of ongoing supply.
In addition to the product review, Cumberland will also evaluate the appropriate level of sales and medical support for its line of products. The strategic review will seek to ensure national coverage of a majority of each brand’s current business, as well as its potential. Both the expansion of the Company’s internal sales organization and augmented support from co-promotion partners will be considered during the review.
Cumberland’s strategy is to focus on the U.S., which is the largest market for its biopharmaceutical products. The Company has established a network of partners based outside the U.S. to bring its products to patients in other countries. As a result of the Vibativ®acquisition, Cumberland inherited a new group of firms who have licenses to that brand for international markets. The total number of the Company’s existing international partners now numbers seventeen. The group includes those with rights to Cumberland products in other countries, as well as those partners who have licensed products to the Company for the U.S. market. The capabilities, status and potential of each partner will be evaluated during the review.
“We have successfully executed on our strategy to expand our commercial product line through a series of transactions,” said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. “We expect to deliver on our goal of three planned product launches within a twelve month period. Because of this progress, we believe it’s important to take a fresh look at our portfolio, partners and organization to ensure we have the proper focus and capabilities to make the most of our new opportunities.”
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