Waverley Pharma Inc. (TSX-V:WAVE), an emerging Canadian pharmaceutical company, is pleased to announce that its wholly-owned subsidiary in Barbados, Waverley Pharma International Inc., has acquired two generic oncology products, temozolomide and capecitabine, currently marketed in the United Kingdom (UK), from Reliance Life Sciences Private Limited. The products were developed by RLS, and the binding contracts with the UK National Health Service for the supply of these products are being transferred to Waverley Pharma.

RLS will manufacture the two products for Waverley Pharma at its Medicines and Healthcare products Regulatory Agency approved manufacturing facility in Mumbai, India. Waverley Pharma expects to make modest profit margins on the products after paying transfer prices to  RLS, and after distributor and analytical testing charges in the UK are accounted for.

“While this acquisition transforms Waverley Pharma into a revenue generating company, it more importantly positions us well for the launch of WAV-101 and 102, once they get approved in the European Union,” stated the Company’s President and CEO, Dr. George R. Thomas.  

“Reliance Life Sciences is pleased to be able to contribute to strengthening the oncology product portfolio of Waverley Pharma with the addition of temozolomide and capecitabine, and, in the process, reinforce the relationship,” stated Mr. K.V. Subramaniam, President of RLS.

About Reliance Life Sciences Private Limited

Reliance Life Sciences Private Limited is part of the Promoter Group of Reliance Industries Limited. RLS was established to develop business opportunities in medical biotechnology with key initiatives in biopharmaceuticals, pharmaceuticals, regenerative medicine, clinical research and molecular diagnostics. The Reliance Group is India’s largest private sector enterprise, with annual revenues of US$ 66.8 billion. The Group’s flagship company, Reliance Industries Limited is India’s largest private sector company and a Fortune Global 500 company. RLS is a fully-integrated life sciences industry player with in-house capabilities in research, pre-clinical and clinical development, process development, commercial-scale manufacturing and marketing.

About Waverley Pharma

Waverley Pharma is an emerging pharmaceutical company focused on the development and commercialization of effective and affordable cancer therapeutics in the EU and North American market. The Company has two lead products at the regulatory filing stage, and is currently evaluating other products, in different stages of development. Waverley Pharma is committed to providing patients with affordable prescription medicines that lower healthcare costs and provide a better quality of life.