Endo, Inc. has announced that the company has entered into a definitive agreement to divest its international pharmaceuticals business, primarily operated through Canada-based specialty pharmaceutical company Paladin Pharma Inc., to Knight Therapeutics Inc. for a total consideration of up to USD 99 million.

It consists of an upfront cash payment of USD 84 million and up to an additional USD 15 million in potential future payments contingent upon the achievement of certain milestones.

Knight Therapeutics is a specialty pharmaceutical company focused on acquiring, in-licensing, out-licensing, marketing and commercializing innovative prescription pharmaceuticals, primarily serving Canada and Latin America.

Commenting on the development, Scott Hirsch, Interim CEO of Endo said, “This divestiture is an important step forward in our strategic transformation and focus on investing in our core-growth assets. We are confident that Paladin is well positioned for continued success in the Canadian market and that Knight Therapeutics is the right partner for Paladin's next chapter. We are grateful to the talented Paladin team for their dedication and many contributions.”

The closing of the transaction is subject to the satisfaction of customary regulatory conditions including anti-trust clearance in Canada and is expected to occur in mid-2025.