Advertisement
Canada markets closed
  • S&P/TSX

    22,308.93
    -66.90 (-0.30%)
     
  • S&P 500

    5,222.68
    +8.60 (+0.16%)
     
  • DOW

    39,512.84
    +125.08 (+0.32%)
     
  • CAD/USD

    0.7317
    +0.0006 (+0.08%)
     
  • CRUDE OIL

    78.20
    -1.06 (-1.34%)
     
  • Bitcoin CAD

    83,126.02
    -2,429.00 (-2.84%)
     
  • CMC Crypto 200

    1,302.78
    -55.23 (-4.07%)
     
  • GOLD FUTURES

    2,366.90
    +26.60 (+1.14%)
     
  • RUSSELL 2000

    2,059.78
    -13.85 (-0.67%)
     
  • 10-Yr Bond

    4.5040
    +0.0550 (+1.24%)
     
  • NASDAQ

    16,340.87
    -5.40 (-0.03%)
     
  • VOLATILITY

    12.55
    -0.14 (-1.10%)
     
  • FTSE

    8,433.76
    +52.41 (+0.63%)
     
  • NIKKEI 225

    38,229.11
    +155.13 (+0.41%)
     
  • CAD/EUR

    0.6789
    +0.0011 (+0.16%)
     

Canadian drugmaker Concordia says CEO to step down

(Reuters) - Canadian generic-drug maker Concordia International Corp said on Friday that Chief Executive Mark Thompson would step down after a replacement is found. Thompson's resignation comes at a time when the company is trying to raise cash to cut its $3 billion debt as it faces curbs on drug pricing from governments and companies. Reuters reported earlier this month that the company was discussing alternatives to a leveraged buyout, including selling a minority stake to a private equity firm. The talks came after negotiations about selling the company failed to produce a deal that would be acceptable to its board, sources told Reuters. A search process for a new CEO is underway, the company said. Concordia, which had a market capitalization of C$270.1 million ($202.46 million) as of Thursday close, sells drugs for conditions ranging from malaria to heart disease. Concordia's Toronto-listed shares were up 18 percent at C$6.16. The company's U.S.-listed shares were up 19 percent at $4.73. (Reporting by Anet Josline Pinto and Akankshita Mukhopadhyay in Bengaluru; Editing by Anil D'Silva and Don Sebastian)