Latest news with #GaryCollins
Cision Canada
01-07-2025
- Business
- Cision Canada
DRI Healthcare Announces Closing of Internalization Transaction
TORONTO, July 1, 2025 /CNW/ - DRI Healthcare Trust (TSX: (TSX: DHT.U) ("DRI Healthcare") today announced that it has completed its previously announced transaction to internalize its investment management function. "We are excited to complete this transaction and begin our next chapter as one integrated organization," said Gary Collins, Executive Chair of DRI Healthcare. "We believe that our new structure will lead to better strategic alignment of interests with unitholders and stronger governance with greater transparency, ultimately benefitting all stakeholders." "We have a strong and dedicated team, now entirely under the DRI Healthcare banner, aligned to invest in high-quality assets and build an industry leading portfolio," said Ali Hedayat, Chief Executive Officer of DRI Healthcare. "With a robust pipeline of strong growth prospects coupled with the newly reduced fee structure, we anticipate enhanced value generation as we continue growing the business over the long term." Transaction Terms As a result of the transaction, the management agreement with DRI Capital Inc. ("DRI Capital") was terminated in exchange for a $48 million termination payment (plus accrued management and performance fees), and the Trust internalized the manager function by acquiring the relevant assets of DRI Capital for a purchase price of $1 million. As a result of the transactions contemplated by the asset purchase agreement, the employees of DRI Capital also transitioned to a Trust subsidiary. DRI Capital also agreed to indemnify the Trust and its affiliates in respect of, among other things, damages relating to the previously disclosed irregularities related to certain alleged consulting and other expenses charged to DRI Healthcare. The transaction was recommended for approval by a special committee of the board composed of independent trustees (the "Special Committee"). In recommending the transaction, the Special Committee evaluated a number of alternatives, including maintaining the status quo, terminating the management agreement for cause, replacing DRI Capital with a new third-party manager, privatizing the Trust, and implementing an internalization transaction. About DRI Healthcare DRI Healthcare is a pioneer in global pharmaceutical royalty monetization. Since our founding in 1989, we have deployed more than $3.0 billion, acquiring more than 75 royalties on 45-plus drugs, including Eylea, Keytruda, Orserdu, Remicade, Spinraza, Stelara, Vonjo and Zytiga. DRI Healthcare's units are listed and trade on the Toronto Stock Exchange in Canadian dollars under the symbol " and in U.S. dollars under the symbol "DHT.U". To learn more, visit or follow us on LinkedIn. Caution concerning forward-looking statements This news release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information can generally be identified by the use of words such as "expect", "continue", "anticipate", "intend", "aim", "plan", "believe", "budget", "estimate", "forecast", "foresee", "close to", "target" or negative versions thereof and similar expressions. Some of the specific forward-looking information in this news release may include, among other things, statements regarding the Trust's ability to execute on its strategy, the internalization of the Trust's manager and the terms and conditions, benefits and the value to be provided to unitholders. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk that the internalization of the Trust's manager will not generate the levels of anticipated benefits for the Trust and its unitholders, and those additional risks and uncertainties that are disclosed in the Trust's most recent annual information form and under "Risk Factors" in the Trust's Management's Discussion and Analysis. No assurance can be given that these are all the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance or achievements of the Trust could differ materially from the results expressed in, or implied by, any forward-looking statements. All forward-looking information in this news release speaks as of the date of this news release. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Trust's filings with securities regulators, including its latest annual information form and Management's Discussion and Analysis. These filings are also available at the Trust's website at
Yahoo
22-05-2025
- Business
- Yahoo
Fiera Capital Announces Election of Directors
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ MONTREAL, May 22, 2025 /CNW/ - Fiera Capital Corporation (TSX: FSZ) ("Fiera Capital" or the "Company"), a leading independent asset management firm, announces that all nominees listed in the management information circular dated April 7, 2025 were elected as directors of the Company at the annual and special meeting of shareholders held on May 22, 2025. Each of the three (3) nominees proposed as class A directors were elected by a majority of the votes cast by the holders of class A subordinate voting shares of the Company and the proxyholders of that class. The voting results for the election of the class A directors are the following: Class A Directors Votes For Votes Withheld # % # % Annick Charbonneau 24,776,700 89.69 2,849,393 10.31 Gary Collins 20,335,834 73.61 7,290,259 26.39 François Olivier 25,064,771 90.73 2,561,322 9.27 Each of the seven (7) nominees proposed as class B directors were elected by the sole holder of class B special voting shares, Fiera Capital L.P. The voting results for the election of the class B directors are the following: Class B Directors Votes For Votes Withheld # % # % Beverly M. Bearden 19,412,401 100 0 0 John Braive 19,412,401 100 0 0 Jean-Guy Desjardins 19,412,401 100 0 0 Lucie Martel 19,412,401 100 0 0 Guy Masson 19,412,401 100 0 0 Jean C. Monty 19,412,401 100 0 0 Norman M. Steinberg 19,412,401 100 0 0 About Fiera Capital Corporation Fiera Capital is a leading independent asset management firm with a growing global presence. Fiera Capital delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia. Fiera Capital's depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange. Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), and Hong Kong (SAR). Each affiliated entity (each an "Affiliate") of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate is authorized to provide services pursuant to an exemption from registration and/or the relevant product is registered. Fiera Capital does not provide investment advice to U.S. clients or offer investment advisory services in the U.S. In the U.S., asset management services are provided by Fiera Capital's affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) (the "SEC") or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult: Additional information about Fiera Capital, including Fiera Capital's annual information form, is available on SEDAR+ at SOURCE Fiera Capital Corporation View original content:
Yahoo
13-05-2025
- Business
- Yahoo
DRI Healthcare Trust Announces Voting Results of AGM
TORONTO, May 13, 2025 /CNW/ - DRI Healthcare Trust (TSX: (TSX: DHT.U) ("DRI" or "the Trust") is pleased to announce results of voting at its annual general meeting ("AGM") of unitholders held on May 13, 2025. All of the nominees for election as trustees of the Trust referred to in its management information circular dated March 31, 2025 were elected to serve as trustees for the ensuing year, and Deloitte LLP was reappointed as auditors of the Trust. Election of Trustees Voting results for the election of each trustee were as follows: Trustee Votes "for" as a percentage of votes cast for or withheldfor the trustee Votes "withheld" as a percentage of votes cast for or withheld for the trustee Gary Collins 88.19 % 11.81 % Ali Hedayat 90.22 % 9.78 % Kevin Layden 90.13 % 9.87 % Athana Mentzelopoulos 99.75 % 0.25 % Paul Mussenden 88.65 % 11.35 % Poonam Puri 89.58 % 10.42 % Tamara Vrooman 88.26 % 11.74 % Appointment of Auditors Unitholders also voted in favour of reappointing Deloitte LLP as auditors of the Trust and authorizing the board of trustees to fix their remuneration (95.75% in favour). About DRI Healthcare Trust The Trust is managed by DRI Capital Inc., a pioneer in global pharmaceutical royalty monetization. Since its initial public offering in 2021, the Trust has deployed more than $1.0 billion, acquiring more than 25 royalties on 20-plus drugs, including Eylea, Orserdu, Omidria, Spinraza, Stelara, Vonjo, Zejula and Zytiga. The Trust's units are listed and trade on the Toronto Stock Exchange in Canadian dollars under the symbol " and in U.S. dollars under the symbol "DHT.U". To learn more, visit or follow us on LinkedIn. SOURCE DRI Healthcare Trust View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-05-2025
- Business
- Yahoo
DRI Healthcare Trust Reports First Quarter 2025 Results and Announces Internalization of Manager
Definitive agreements for internalization transaction entered into with manager, estimated to deliver $200 million in cumulative savings over 10 years1 Portfolio assets generate second highest cash receipts and Adjusted EBITDA since IPO Normal course issuer bid reactivated with ability to purchase over 3 million units TORONTO, May 12, 2025 /CNW/ - DRI Healthcare Trust (TSX: (TSX: DHT.U) (the "Trust") today announced its financial results for the quarter ended March 31, 2025. The Trust's first quarter 2025 financial statements and Management's Discussion & Analysis ("MD&A") have been filed on SEDAR+ ( All dollar amounts are expressed in U.S. dollars unless otherwise indicated. "We are excited to announce that we have entered into definitive agreements for a transaction that will terminate the existing management agreement with our manager, and allow the Trust to internalize the investment management function," said Gary Collins, the Trust's Chief Executive Officer and Chairman. "We believe this evolutionary step forward will create alignment of interests and transparency for all stakeholders, and is intended to generate value for unitholders. We have a robust pipeline backed by a portfolio that continues to increase and produce significant returns. At the same time, we will opportunistically allocate capital towards unit buybacks via our renewed normal course issuer bid to ensure accretive value generation on a per unit basis." Internalization Transaction In accordance with the definitive management agreement termination agreement and asset purchase agreement entered into by the Trust and DRI Capital Inc. (the "manager" or "DRI Capital") on the date hereof, the Trust will pay an aggregate of $49 million in cash to DRI Capital to extinguish the management agreement, along with all management and performance fee obligations (with expenses payable in connection with the pre-closing period payable by the Trust), and to acquire all the relevant assets of DRI Capital. As a result of this transaction, employees of the manager will also transition over to a Trust subsidiary. This simplified structure is intended to generate strategic, financial, and operational benefits and accretive value over the long term. Furthermore, the manager will indemnify the Trust and its affiliates for any damages relating to the events of last summer. The internalization transaction was recommended for approval by a special committee of the Trust's board composed of independent trustees. The amount paid reflects an approximately 4x multiple of trailing twelve month management fees and compares favourably to precedent transactions. Subject to the satisfaction of customary closing conditions, the transaction is expected to close before the beginning of the fourth quarter of 2025. Q1 Highlights Completed the funding of the Orserdu II milestone payment of $10 million. Total Income of $44.0 million; Normalized Total Cash Receipts of $62.0 million2; Adjusted EBITDA of $51.7 million2; Comprehensive Loss of $1.8 million; Adjusted Cash Earnings per Unit of $0.43 (basic and diluted)1,2; Paid a quarterly cash distribution of US$0.10 per Unit on April 17, 2025. ______________________________________________ 1 Based on the manager's current estimate of management fees and performance fees payable over the next 10 years assuming the existing management agreement would be renewed in accordance with its terms after the initial December 31, 2030 term, and with projected capital deployment into deals at comparable historical returns using organically generated cash from the royalties and credit capacity consistent with current debt terms. 2 Normalized Total Cash Receipts and Adjusted EBITDA are non-GAAP financial measures. Adjusted Cash Earnings per Unit is a non-GAAP ratio. These measures are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation of these measures can be found later in this press release and in the Trust's MD&A. Subsequent to Quarter End Received Toronto Stock Exchange ("TSX") approval for normal course issuer bid to allow the Trust to acquire up to 3,148,536 of its Trust units between May 20, 2025 and May 19, 2026. Declared a quarterly cash distribution of US$0.10 per unit for the second quarter of 2025, payable on July 18, 2025 to unitholders of record on June 30, 2025. Received lender consent for internalization and amended the credit agreement to reallocate $25 million of the acquisition credit facility to the working capital credit facility and lower the interest rate margin. Definitive agreements for the Trust to internalize its manager, DRI Capital, by terminating the management agreement and acquiring all of the assets of DRI Capital Inc. relating to the Trust's business, were entered into with DRI Capital. Financial HighlightsThree months endedMarch 31, March 31, (thousands of US dollars, except per unit amounts) 2025 2024 Total income 44,028 42,067 Management fees 4,076 4,164 Performance fees 533 231 Amortization of royalty assets 24,745 25,046 Impairment of royalty assets — 4,380 Other expenses 16,426 13,975 Other loss — (811) Net earnings (loss) (1,752) (6,540) Net unrealized gain (loss) on derivative instruments (80) 1,197 Comprehensive earnings (loss) (1,832) (5,343) Net earnings (loss) per unit – basic (0.03) (0.12) Net earnings (loss) per unit – diluted (0.03) (0.12) Normalized Total Cash Receipts2 61,990 63,517 Adjusted EBITDA2 51,659 55,464 Adjusted EBITDA Margin2 83 % 87 % Adjusted Cash Earnings per Unit – Basic2 0.43 0.47 Adjusted Cash Earnings per Unit – Diluted2 0.43 0.47 Weighted average number of Units – Basic 56,307,817 56,358,240 Weighted average number of Units – Diluted 56,307,817 56,358,240 ______________________________________________ 1 The weighted average number of basic and diluted units for the purposes of calculating Earnings per Unit for the three months ended March 31, 2025 were 56,307,817 units. 2 Normalized Total Cash Receipts, Total Cash Royalty Receipts and Adjusted EBITDA are non-GAAP financial measures. Adjusted EBITDA Margin and Adjusted Cash Earnings per Unit are non-GAAP ratios. These measures and ratios are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation of these measures can be found later in this press release and in the Trust's MD&A. Asset Performance As at March 31, 2025, the Trust's portfolio included 28 royalty streams on 21 products that address a variety of therapeutic areas, such as oncology, neurology, ophthalmology, endocrinology, hematology, dermatology, lysosomal storage disorders and immunology. On March 31, 2025, the royalty asset portfolio had a book value, net of accumulated amortization, of $799.2 million, which during the three months ended March 31, 2025 generated Total Cash Royalty Receipts1 of $62.0 million and royalty income of $39.6 million. On March 31, 2025, the financial royalty asset had a book value of $55.1 million and generated a gain on the change in its fair value of $2.6 million during the three months ended March 31, 2025. Portfolio (thousands of US dollars) Cash ReceiptsThree months ended Royalty Asset Therapeutic Area Marketer(s) March 31, 2025 March 31, 2024 Casgevy Hematology Vertex Pharmaceuticals 5,000 — Empaveli/Syfovre1 Hematology/Ophthalmology Apellis, Sobi 1,125 23 Eylea I Ophthalmology Regeneron, Bayer, Santen 1,522 1,407 Eylea II Ophthalmology Regeneron, Bayer, Santen 331 305 Natpara Endocrinology Takeda 279 568 Omidria Ophthalmology Rayner Surgical 7,994 8,560 Oracea Dermatology Galderma 1,534 2,450 Orserdu I2 Oncology Menarini 8,510 8,020 Orserdu II2 Oncology Menarini 22,920 23,538 Rydapt3 Oncology Novartis 1,159 2,223 Spinraza Neurology Biogen 3,962 3,843 Vonjo I Hematology Sobi 3,095 2,902 Vonjo II2 Hematology Sobi 775 5,605 Xenpozyme4 Lysosomal Storage Disorder Sanofi — — Xolair Immunology Roche, Novartis 2,373 2,446 Zejula Oncology GSK 949 962 Zytiga4 Oncology Johnson & Johnson — — Other Products5 Various Various 462 665 Total Cash Royalty Receipts6 61,990 63,517 _____________________________________________ 1 Per the royalty agreement, Empaveli/Syfovre royalty cash receipts are to be received on a three-quarter lag. During the first quarter of 2024, a small portion of the royalty cash receipts expected to be received on a three-quarter lag were received on a two-quarter lag. The remaining royalty receipts were received on a three-quarter lag and were received in the second quarter of 2024. 2 Cash receipts for Orserdu II and Orserdu I for the three months ended March 31, 2025 include $17,593 and $633, respectively, for reclamation of previous royalty deductions. Cash receipts for the three months ended March 31, 2024 include milestone royalty receipts of $2,104 from Orserdu I, $18,939 from Orserdu II and $5,000 from Vonjo II received in Q1 2024. 3 Cash receipts for the three months ended March 31, 2025 includes $1,000 in additional cash receipts related to a one-time payment received in Q1 2024. 4 Cash receipts from Xenpozyme and Zytiga are received on a semi-annual basis during the second and fourth quarters of each year. 5 Other Products includes royalty income from certain other royalty assets as well as royalty assets which are fully amortized and, where applicable, the entitlements to which have generally expired. Comparative figures for royalty assets Simponi, Stelara and Ilaris are included in Other products. 6 Total Cash Receipts, Total Cash Royalty Receipts and Normalized Total Cash Receipts are non-GAAP financial measures. These measures are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation of these measures can be found later in this press release and in the Trust's MD&A. Liquidity and Capital On March 31, 2025, the Trust had cash and cash equivalents of $55.7 million. The Trust's credit facility had an outstanding principal balance of $309.9 million on March 31, 2025. Subsequent to March 31, 2025, the Trust revised the credit facility to obtain lender consent for internalization. In addition, $25 million of the acquisition credit facility was reallocated to the working capital credit facility, increasing it to $50 million. Furthermore, the interest rate on the amended credit agreement was revised to SOFR plus (i) a margin which may vary from 1.75% to 2.50% based on the Trust's leverage ratio; and (ii) a margin of 0.10%. The Trust had 56,310,920 units issued and outstanding on March 31, 2025. Distributions On March 3, 2025, the board of trustees approved a quarterly cash distribution of $0.10 per Unit to unitholders of record as of March 31, 2025, which was paid on April 17, 2025. The Trust also announced today that its board of trustees has declared a quarterly cash distribution in the amount of $0.10 per Unit for the second quarter of 2025, payable on July 18, 2025, to unitholders of record as of June 30, 2025. Normal Course Issuer Bid The Trust also announced today the acceptance by the TSX of the Trust's Notice of Intention to make a normal course issuer bid (the "NCIB"). Pursuant to the NCIB, the Trust proposes to purchase, from time to time, if considered advisable, up to an aggregate of 3,148,536 of its trust units, being 10% of its 31,485,368 public float of units as of May 5, 2025, through the facilities of the TSX and/or through various eligible alternative Canadian trading systems at the market price at the time of purchase. The Trust had 56,310,920 units issued and outstanding as of such date. Purchases may commence on May 20, 2025 and will conclude on the earlier of the date on which the Trust has purchased the maximum number of trust units permitted under the NCIB and May 19, 2026. The average daily trading volume of the units over the most recently completed six calendar months was 43,352 units. Accordingly, for purposes of the TSX rules, the Trust is entitled to purchase, on any trading day, up to 10,838 units and to make block purchases of its units which exceed such daily limit no more frequently than once per calendar week. Under the Trust's prior normal course issuer bid that commenced on November 20, 2023 and concluded on November 19, 2024 (the "Prior NCIB"), the Trust obtained approval from the TSX to purchase 3,280,195 units. The Trust purchased 406,346 units under the Prior NCIB through the facilities of the TSX and alternative Canadian trading systems at a volume weighted average price of $9.64 per unit. The Trust remains focused on its primary strategy of acquiring new pharmaceutical royalty streams and using its capital for that purpose. DRI Capital Inc., the manager of the Trust ("DRI Capital"), believes that there is a robust and growing pipeline of royalty stream acquisitions opportunities and is active in reviewing a number of potential transactions. However, it is also the opinion of DRI Capital that, from time to time, the market price of the Trust's units may not adequately reflect the value of the underlying assets of the Trust, and the Trust wishes to take advantage of the market trading prices of its units in those instances. The board of trustees of the Trust believes that at such times the proposed purchases would be in the best interests of the Trust and would constitute an appropriate use of available funds. All units purchased by the Trust pursuant to the NCIB will be cancelled. In connection with the NCIB, the Trust will establish an automatic purchase plan with its designated broker (the "Plan") to allow for purchases of units during self-imposed blackout periods, subject to certain parameters as to price and number of units. Outside of these pre- determined black-out periods, units will be repurchased in accordance with management's discretion, subject to applicable law. The Plan will constitute an automatic plan for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX. First Quarter 2025 Conference Call & Webcast As previously announced, management will hold a conference call on Tuesday, May 13, 2025 at 8:00 a.m. (ET) to review the Trust's 2025 first quarter results. You can join the call by dialing 1-888-699-1199 or 416-945-7677 approximately 15 minutes prior to the call to secure a line. A live webcast of the conference call, including a slide presentation, will be available at https:// Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived on the Trust's website following the call date. Non-GAAP Financial Measures The reconciliations of non-GAAP financial measures and non-GAAP ratios for the three months ended March 31, 2025 and 2024 to the most directly comparable measures calculated in accordance with IFRS are presented below. Total Cash Royalty Receipts, Total Cash Receipts and Normalized Total Cash Receipts Total Cash Receipts refer to Total Cash Royalty Receipts plus cash receipts from all products. Total Cash Receipts include cash receipts from interest as well as non-recurring cash receipts. Total Cash Royalty Receipts refers to aggregate cash royalty receipts and milestone royalty receipts from the Trust's portfolio of royalty assets and forms part of Total Cash Receipts. Because of the lag between when the Trust records royalty income and receives the corresponding cash payments on its royalties and milestones, management believes Total Cash Receipts and Total Cash Royalty Receipts are useful measures when evaluating the Trust's operations, as they represent actual cash generated in respect of all royalty assets held during a period. The Trust also presents Normalized Total Cash Receipts, which refers to Total Cash Receipts adjusted to remove cash receipts that are not expected to recur in the normal course of our operations. Management believes that Normalized Total Cash Receipts will assist readers in evaluating the period over period performance of the Trust's royalty portfolio since Normalized Total Cash Receipts only include cash receipts generated by royalties and other amounts payable pursuant to the terms of the Trust's royalty assets. There were no adjustments required to normalize cash receipts for the three months ended March 31, 2025 and months ended (thousands of US dollars) March 31, 2025 March 31, 2024 Total income 44,028 42,067 [-] Other interest income (298) (722) [-] Unrealized gain on marketable securities (1,535) — [+] Royalties receivable, beginning of period 62,362 64,082 [-] Royalties receivable, end of period (45,006) (45,470) [+] Financial royalty asset, beginning of period 57,527 — [-] Financial royalty asset, end of period (55,088) — [+] Acquired royalties receivable1 — 3,560 Total Cash Royalty Receipts, Royalty Cash Receipts and Normalized Cash Receipts 61,990 63,517 ______________________________________________ 1 Acquired royalties receivable represent the Trust's royalty entitlements prior to the completion of the royalty transactions they relate to. Adjusted EBITDA and Adjusted EBITDA Margin Management believes Adjusted EBITDA provides meaningful information about the Trust's operating cash flows as it eliminates the effects of other non-cash expenses and accruals and income and expenses that are not expected to recur, that have been recorded on the statement of net earnings (loss) and comprehensive earnings (loss). The Trust refers to EBITDA when reconciling its comprehensive earnings (loss) to Adjusted EBITDA but does not use EBITDA as a measure of its performance. Management believes that Adjusted EBITDA Margin is a useful supplemental measure to demonstrate the operating efficiency of the Trust's business on a cash months ended (thousands of US dollars) March 31, 2025 March 31, 2024 Comprehensive earnings (loss) (1,832) (5,343) [+] Amortization or royalty assets 24,745 25,046 [+] Impairment of royalty assets — 4,380 [-] Other interest income (298) (722) [+] Interest expense 9,607 8,398 EBITDA 32,222 31,759 [+] Royalties receivable, beginning of period 62,362 64,082 [-] Royalties receivable, end of period (45,006) (45,470) [-] Performance fees payable, beginning of period (1,665) (5,918) [+] Performance fees payable, end of period 2,198 4,916 [+] Financial royalty assets, beginning of period 57,527 — [-] Financial royalty assets, end of period (55,088) — [+] Unrealized loss (gain) on marketable securities (1,535) — [+] Acquired royalties receivable1 — 3,560 [+] Unit-based compensation2 460 2,567 [+] Board of trustees unit-based compensation 104 354 [-] Other loss — 811 [-] Net unrealized loss (gain) on derivative instruments 80 (1,197) Adjusted EBITDA 51,659 55,464 [÷] Normalized Total Cash Receipts 61,990 63,517 Adjusted EBITDA Margin 83 % 87 % _________________________________________________ 1 Acquired royalties receivable represent the Trust's royalty entitlements prior to the completion of the royalty transactions they relate to, as described under the Transactions Completed section of the MD&A. 2 Certain members of the board of trustees elected to be compensated fully or partially in deferred units ("DUs") under the Trust's Omnibus Equity Incentive Plan. Adjusted Cash Earnings per Unit Management believes that Adjusted Cash Earnings per Unit provides meaningful information about the Trust's performance as it provides a measure of the cash generated by the Trust's assets on a per unit basis, excluding cash earnings that are not expected to months ended (thousands of US dollars, except per unit amounts) March 31, 2025 March 31, 2024 Comprehensive earnings (loss) (1,832) (5,343) [+] Amortization or royalty assets 24,745 25,046 [+] Impairment of royalty assets — 4,380 [+] Unrealized loss (gain) on marketable securities (1,535) — [+] Unit-based compensation 460 2,567 [+] Board of trustees unit-based compensation1 104 354 [-] Change in fair value of financial royalty assets (2,561) — [+] Cash receipts on financial royalty assets 5,000 — [-] Other loss — 811 [-] Net unrealized loss (gain) on derivative instruments 80 (1,197) Adjusted Cash Earnings 24,461 26,618 Adjusted Cash Earnings per Basic Unit 0.43 0.47 Adjusted Cash Earnings per Fully Diluted Unit 0.43 0.47 Weighted average number of Units – Basic 56,307,817 56,358,240 Weighted average number of Units – Diluted 56,307,817 56,358,240 ________________________________________________ 1 Certain members of the board of trustees elected to be compensated fully or partially in DUs under the Trust's Omnibus Equity Incentive Plan. About DRI Healthcare Trust The Trust is managed by DRI Capital Inc., a pioneer in global pharmaceutical royalty monetization. Since its initial public offering in 2021, the Trust has deployed more than $1.0 billion, acquiring more than 25 royalties on 20-plus drugs, including Eylea, Orserdu, Omidria, Spinraza, Stelara, Vonjo, Zejula and Zytiga. The Trust's units are listed and trade on the Toronto Stock Exchange in Canadian dollars under the symbol " and in U.S. dollars under the symbol "DHT.U". To learn more, visit or follow us on LinkedIn. Caution concerning forward-looking statements This news release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information can generally be identified by the use of words such as "expect", "continue", "anticipate", "intend", "aim", "plan", "believe", "budget", "estimate", "forecast", "foresee", "close to", "target" or negative versions thereof and similar expressions. Some of the specific forward-looking information in this news release may include, among other things, statements regarding the Trust's ability to execute on its strategy, the internalization of the Trust's manager and the terms and conditions, benefits and expected timing thereof, the value to be provided to unitholders, the potential and timing of royalty payments, the anticipated royalty income and anticipated sales of the products underlying such royalties, and the Trust's normal course issuer bid. Forward- looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk that the conditions to closing of the internalization of the Trust's manager will not be satisfied or waived on the timeframe required by the management agreement termination agreement and asset purchase agreement, or at all, the risk that the internalization of the Trust's manager will not generate the levels of anticipated benefits for the Trust and its unitholders, and those additional risks and uncertainties that are disclosed in the Trust's most recent annual information form and under "Risk Factors" in the Trust's Management's Discussion and Analysis. The anticipated royalty terms for products in our portfolio may be shorter than the period of patent protection for the applicable product, depending on many factors, including the entry of generic drugs into the marketplace and competition, all of which are outside our control. No assurance can be given that these are all the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance or achievements of the Trust could differ materially from the results expressed in, or implied by, any forward-looking statements. Certain assumptions underlying the forward-looking information in this news release include: the Trust's assumptions regarding demand and growth in pharmaceutical sales, R&D and opportunities for royalty investing; the competitive environment in which the Trust operates; the performance of the Trust's manager during the period prior to the completion of the internalization transaction; the ability of the Trust and the manager to satisfy the conditions to closing of the internalization transaction; the Trust's ability to implement its growth strategies; the Trust's ability to obtain financing and maintain its existing financing on acceptable terms; the Trust's ability to maintain good business relationships with marketers and other industry partners; timely receipt of cash royalty receipts; expectations regarding the duration of royalties; the Trust's ability to keep pace with changing consumer preferences; the absence of material adverse changes in the Trust's industry or the global economy; currency exchange and interest rates; the impact of competition; the changes and trends in the Trust's industry or the global economy; and stability in laws, rules, regulations and global standards in the pharmaceutical industry. All forward-looking information in this news release speaks as of the date of this news release. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Trust's filings with securities regulators, including its latest annual information form and Management's Discussion and Analysis. These filings are also available at the Trust's website at SOURCE DRI Healthcare Trust View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
12-05-2025
- Business
- Cision Canada
DRI Healthcare Trust Reports First Quarter 2025 Results and Announces Internalization of Manager
Definitive agreements for internalization transaction entered into with manager, estimated to deliver $200 million in cumulative savings over 10 years 1 Portfolio assets generate second highest cash receipts and Adjusted EBITDA since IPO Normal course issuer bid reactivated with ability to purchase over 3 million units TORONTO, May 12, 2025 /CNW/ - DRI Healthcare Trust (TSX: (TSX: DHT.U) (the "Trust") today announced its financial results for the quarter ended March 31, 2025. The Trust's first quarter 2025 financial statements and Management's Discussion & Analysis ("MD&A") have been filed on SEDAR+ ( All dollar amounts are expressed in U.S. dollars unless otherwise indicated. "We are excited to announce that we have entered into definitive agreements for a transaction that will terminate the existing management agreement with our manager, and allow the Trust to internalize the investment management function," said Gary Collins, the Trust's Chief Executive Officer and Chairman. "We believe this evolutionary step forward will create alignment of interests and transparency for all stakeholders, and is intended to generate value for unitholders. We have a robust pipeline backed by a portfolio that continues to increase and produce significant returns. At the same time, we will opportunistically allocate capital towards unit buybacks via our renewed normal course issuer bid to ensure accretive value generation on a per unit basis." Internalization Transaction In accordance with the definitive management agreement termination agreement and asset purchase agreement entered into by the Trust and DRI Capital Inc. (the "manager" or "DRI Capital") on the date hereof, the Trust will pay an aggregate of $49 million in cash to DRI Capital to extinguish the management agreement, along with all management and performance fee obligations (with expenses payable in connection with the pre-closing period payable by the Trust), and to acquire all the relevant assets of DRI Capital. As a result of this transaction, employees of the manager will also transition over to a Trust subsidiary. This simplified structure is intended to generate strategic, financial, and operational benefits and accretive value over the long term. Furthermore, the manager will indemnify the Trust and its affiliates for any damages relating to the events of last summer. The internalization transaction was recommended for approval by a special committee of the Trust's board composed of independent trustees. The amount paid reflects an approximately 4x multiple of trailing twelve month management fees and compares favourably to precedent transactions. Subject to the satisfaction of customary closing conditions, the transaction is expected to close before the beginning of the fourth quarter of 2025. Q1 Highlights Completed the funding of the Orserdu II milestone payment of $10 million. Total Income of $44.0 million; Normalized Total Cash Receipts of $62.0 million 2; Adjusted EBITDA of $51.7 million 2; Comprehensive Loss of $1.8 million; Adjusted Cash Earnings per Unit of $0.43 (basic and diluted) 1,2; Paid a quarterly cash distribution of US$0.10 per Unit on April 17, 2025. ______________________________________________ 1 Based on the manager's current estimate of management fees and performance fees payable over the next 10 years assuming the existing management agreement would be renewed in accordance with its terms after the initial December 31, 2030 term, and with projected capital deployment into deals at comparable historical returns using organically generated cash from the royalties and credit capacity consistent with current debt terms. 2 Normalized Total Cash Receipts and Adjusted EBITDA are non-GAAP financial measures. Adjusted Cash Earnings per Unit is a non-GAAP ratio. These measures are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation of these measures can be found later in this press release and in the Trust's MD&A. Subsequent to Quarter End Received Toronto Stock Exchange ("TSX") approval for normal course issuer bid to allow the Trust to acquire up to 3,148,536 of its Trust units between May 20, 2025 and May 19, 2026. Declared a quarterly cash distribution of US$0.10 per unit for the second quarter of 2025, payable on July 18, 2025 to unitholders of record on June 30, 2025. Received lender consent for internalization and amended the credit agreement to reallocate $25 million of the acquisition credit facility to the working capital credit facility and lower the interest rate margin. Definitive agreements for the Trust to internalize its manager, DRI Capital, by terminating the management agreement and acquiring all of the assets of DRI Capital Inc. relating to the Trust's business, were entered into with DRI Capital. Financial Highlights Three months ended March 31, March 31, (thousands of US dollars, except per unit amounts) 2025 2024 Total income 44,028 42,067 Management fees 4,076 4,164 Performance fees 533 231 Amortization of royalty assets 24,745 25,046 Impairment of royalty assets — 4,380 Other expenses 16,426 13,975 Other loss — (811) Net earnings (loss) (1,752) (6,540) Net unrealized gain (loss) on derivative instruments (80) 1,197 Comprehensive earnings (loss) (1,832) (5,343) Net earnings (loss) per unit – basic (0.03) (0.12) Net earnings (loss) per unit – diluted (0.03) (0.12) Normalized Total Cash Receipts 2 61,990 63,517 Adjusted EBITDA 2 51,659 55,464 Adjusted EBITDA Margin 2 83 % 87 % Adjusted Cash Earnings per Unit – Basic 2 0.43 0.47 Adjusted Cash Earnings per Unit – Diluted 2 0.43 0.47 Weighted average number of Units – Basic 56,307,817 56,358,240 Weighted average number of Units – Diluted 56,307,817 56,358,240 ______________________________________________ 1 The weighted average number of basic and diluted units for the purposes of calculating Earnings per Unit for the three months ended March 31, 2025 were 56,307,817 units. 2 Normalized Total Cash Receipts, Total Cash Royalty Receipts and Adjusted EBITDA are non-GAAP financial measures. Adjusted EBITDA Margin and Adjusted Cash Earnings per Unit are non-GAAP ratios. These measures and ratios are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation of these measures can be found later in this press release and in the Trust's MD&A. Asset Performance As at March 31, 2025, the Trust's portfolio included 28 royalty streams on 21 products that address a variety of therapeutic areas, such as oncology, neurology, ophthalmology, endocrinology, hematology, dermatology, lysosomal storage disorders and immunology. On March 31, 2025, the royalty asset portfolio had a book value, net of accumulated amortization, of $799.2 million, which during the three months ended March 31, 2025 generated Total Cash Royalty Receipts 1 of $62.0 million and royalty income of $39.6 million. On March 31, 2025, the financial royalty asset had a book value of $55.1 million and generated a gain on the change in its fair value of $2.6 million during the three months ended March 31, 2025. _____________________________________________ 1 Per the royalty agreement, Empaveli/Syfovre royalty cash receipts are to be received on a three-quarter lag. During the first quarter of 2024, a small portion of the royalty cash receipts expected to be received on a three-quarter lag were received on a two-quarter lag. The remaining royalty receipts were received on a three-quarter lag and were received in the second quarter of 2024. 2 Cash receipts for Orserdu II and Orserdu I for the three months ended March 31, 2025 include $17,593 and $633, respectively, for reclamation of previous royalty deductions. Cash receipts for the three months ended March 31, 2024 include milestone royalty receipts of $2,104 from Orserdu I, $18,939 from Orserdu II and $5,000 from Vonjo II received in Q1 2024. 3 Cash receipts for the three months ended March 31, 2025 includes $1,000 in additional cash receipts related to a one-time payment received in Q1 2024. 4 Cash receipts from Xenpozyme and Zytiga are received on a semi-annual basis during the second and fourth quarters of each year. 5 Other Products includes royalty income from certain other royalty assets as well as royalty assets which are fully amortized and, where applicable, the entitlements to which have generally expired. Comparative figures for royalty assets Simponi, Stelara and Ilaris are included in Other products. 6 Total Cash Receipts, Total Cash Royalty Receipts and Normalized Total Cash Receipts are non-GAAP financial measures. These measures are not standardized measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The reconciliation of these measures can be found later in this press release and in the Trust's MD&A. Liquidity and Capital On March 31, 2025, the Trust had cash and cash equivalents of $55.7 million. The Trust's credit facility had an outstanding principal balance of $309.9 million on March 31, 2025. Subsequent to March 31, 2025, the Trust revised the credit facility to obtain lender consent for internalization. In addition, $25 million of the acquisition credit facility was reallocated to the working capital credit facility, increasing it to $50 million. Furthermore, the interest rate on the amended credit agreement was revised to SOFR plus (i) a margin which may vary from 1.75% to 2.50% based on the Trust's leverage ratio; and (ii) a margin of 0.10%. The Trust had 56,310,920 units issued and outstanding on March 31, 2025. Distributions On March 3, 2025, the board of trustees approved a quarterly cash distribution of $0.10 per Unit to unitholders of record as of March 31, 2025, which was paid on April 17, 2025. The Trust also announced today that its board of trustees has declared a quarterly cash distribution in the amount of $0.10 per Unit for the second quarter of 2025, payable on July 18, 2025, to unitholders of record as of June 30, 2025. Normal Course Issuer Bid The Trust also announced today the acceptance by the TSX of the Trust's Notice of Intention to make a normal course issuer bid (the "NCIB"). Pursuant to the NCIB, the Trust proposes to purchase, from time to time, if considered advisable, up to an aggregate of 3,148,536 of its trust units, being 10% of its 31,485,368 public float of units as of May 5, 2025, through the facilities of the TSX and/or through various eligible alternative Canadian trading systems at the market price at the time of purchase. The Trust had 56,310,920 units issued and outstanding as of such date. Purchases may commence on May 20, 2025 and will conclude on the earlier of the date on which the Trust has purchased the maximum number of trust units permitted under the NCIB and May 19, 2026. The average daily trading volume of the units over the most recently completed six calendar months was 43,352 units. Accordingly, for purposes of the TSX rules, the Trust is entitled to purchase, on any trading day, up to 10,838 units and to make block purchases of its units which exceed such daily limit no more frequently than once per calendar week. Under the Trust's prior normal course issuer bid that commenced on November 20, 2023 and concluded on November 19, 2024 (the "Prior NCIB"), the Trust obtained approval from the TSX to purchase 3,280,195 units. The Trust purchased 406,346 units under the Prior NCIB through the facilities of the TSX and alternative Canadian trading systems at a volume weighted average price of $9.64 per unit. The Trust remains focused on its primary strategy of acquiring new pharmaceutical royalty streams and using its capital for that purpose. DRI Capital Inc., the manager of the Trust ("DRI Capital"), believes that there is a robust and growing pipeline of royalty stream acquisitions opportunities and is active in reviewing a number of potential transactions. However, it is also the opinion of DRI Capital that, from time to time, the market price of the Trust's units may not adequately reflect the value of the underlying assets of the Trust, and the Trust wishes to take advantage of the market trading prices of its units in those instances. The board of trustees of the Trust believes that at such times the proposed purchases would be in the best interests of the Trust and would constitute an appropriate use of available funds. All units purchased by the Trust pursuant to the NCIB will be cancelled. In connection with the NCIB, the Trust will establish an automatic purchase plan with its designated broker (the "Plan") to allow for purchases of units during self-imposed blackout periods, subject to certain parameters as to price and number of units. Outside of these pre- determined black-out periods, units will be repurchased in accordance with management's discretion, subject to applicable law. The Plan will constitute an automatic plan for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX. First Quarter 2025 Conference Call & Webcast As previously announced, management will hold a conference call on Tuesday, May 13, 2025 at 8:00 a.m. (ET) to review the Trust's 2025 first quarter results. You can join the call by dialing 1-888-699-1199 or 416-945-7677 approximately 15 minutes prior to the call to secure a line. A live webcast of the conference call, including a slide presentation, will be available at https:// Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived on the Trust's website following the call date. Non-GAAP Financial Measures The reconciliations of non-GAAP financial measures and non-GAAP ratios for the three months ended March 31, 2025 and 2024 to the most directly comparable measures calculated in accordance with IFRS are presented below. Total Cash Royalty Receipts, Total Cash Receipts and Normalized Total Cash Receipts Total Cash Receipts refer to Total Cash Royalty Receipts plus cash receipts from all products. Total Cash Receipts include cash receipts from interest as well as non-recurring cash receipts. Total Cash Royalty Receipts refers to aggregate cash royalty receipts and milestone royalty receipts from the Trust's portfolio of royalty assets and forms part of Total Cash Receipts. Because of the lag between when the Trust records royalty income and receives the corresponding cash payments on its royalties and milestones, management believes Total Cash Receipts and Total Cash Royalty Receipts are useful measures when evaluating the Trust's operations, as they represent actual cash generated in respect of all royalty assets held during a period. The Trust also presents Normalized Total Cash Receipts, which refers to Total Cash Receipts adjusted to remove cash receipts that are not expected to recur in the normal course of our operations. Management believes that Normalized Total Cash Receipts will assist readers in evaluating the period over period performance of the Trust's royalty portfolio since Normalized Total Cash Receipts only include cash receipts generated by royalties and other amounts payable pursuant to the terms of the Trust's royalty assets. There were no adjustments required to normalize cash receipts for the three months ended March 31, 2025 and 2024. ______________________________________________ 1 Acquired royalties receivable represent the Trust's royalty entitlements prior to the completion of the royalty transactions they relate to. Adjusted EBITDA and Adjusted EBITDA Margin Management believes Adjusted EBITDA provides meaningful information about the Trust's operating cash flows as it eliminates the effects of other non-cash expenses and accruals and income and expenses that are not expected to recur, that have been recorded on the statement of net earnings (loss) and comprehensive earnings (loss). The Trust refers to EBITDA when reconciling its comprehensive earnings (loss) to Adjusted EBITDA but does not use EBITDA as a measure of its performance. Management believes that Adjusted EBITDA Margin is a useful supplemental measure to demonstrate the operating efficiency of the Trust's business on a cash basis. _________________________________________________ 1 Acquired royalties receivable represent the Trust's royalty entitlements prior to the completion of the royalty transactions they relate to, as described under the Transactions Completed section of the MD&A. 2 Certain members of the board of trustees elected to be compensated fully or partially in deferred units ("DUs") under the Trust's Omnibus Equity Incentive Plan. Adjusted Cash Earnings per Unit Management believes that Adjusted Cash Earnings per Unit provides meaningful information about the Trust's performance as it provides a measure of the cash generated by the Trust's assets on a per unit basis, excluding cash earnings that are not expected to recur. Three months ended (thousands of US dollars, except per unit amounts) March 31, 2025 March 31, 2024 Comprehensive earnings (loss) (1,832) (5,343) [+] Amortization or royalty assets 24,745 25,046 [+] Impairment of royalty assets — 4,380 [+] Unrealized loss (gain) on marketable securities (1,535) — [+] Unit-based compensation 460 2,567 [+] Board of trustees unit-based compensation 1 104 354 [-] Change in fair value of financial royalty assets (2,561) — [+] Cash receipts on financial royalty assets 5,000 — [-] Other loss — 811 [-] Net unrealized loss (gain) on derivative instruments 80 (1,197) Adjusted Cash Earnings 24,461 26,618 Adjusted Cash Earnings per Basic Unit 0.43 0.47 Adjusted Cash Earnings per Fully Diluted Unit 0.43 0.47 Weighted average number of Units – Basic 56,307,817 56,358,240 Weighted average number of Units – Diluted 56,307,817 56,358,240 ________________________________________________ 1 Certain members of the board of trustees elected to be compensated fully or partially in DUs under the Trust's Omnibus Equity Incentive Plan. About DRI Healthcare Trust The Trust is managed by DRI Capital Inc., a pioneer in global pharmaceutical royalty monetization. Since its initial public offering in 2021, the Trust has deployed more than $1.0 billion, acquiring more than 25 royalties on 20-plus drugs, including Eylea, Orserdu, Omidria, Spinraza, Stelara, Vonjo, Zejula and Zytiga. The Trust's units are listed and trade on the Toronto Stock Exchange in Canadian dollars under the symbol " and in U.S. dollars under the symbol "DHT.U". To learn more, visit or follow us on LinkedIn. Caution concerning forward-looking statements This news release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information can generally be identified by the use of words such as "expect", "continue", "anticipate", "intend", "aim", "plan", "believe", "budget", "estimate", "forecast", "foresee", "close to", "target" or negative versions thereof and similar expressions. Some of the specific forward-looking information in this news release may include, among other things, statements regarding the Trust's ability to execute on its strategy, the internalization of the Trust's manager and the terms and conditions, benefits and expected timing thereof, the value to be provided to unitholders, the potential and timing of royalty payments, the anticipated royalty income and anticipated sales of the products underlying such royalties, and the Trust's normal course issuer bid. Forward- looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk that the conditions to closing of the internalization of the Trust's manager will not be satisfied or waived on the timeframe required by the management agreement termination agreement and asset purchase agreement, or at all, the risk that the internalization of the Trust's manager will not generate the levels of anticipated benefits for the Trust and its unitholders, and those additional risks and uncertainties that are disclosed in the Trust's most recent annual information form and under "Risk Factors" in the Trust's Management's Discussion and Analysis. The anticipated royalty terms for products in our portfolio may be shorter than the period of patent protection for the applicable product, depending on many factors, including the entry of generic drugs into the marketplace and competition, all of which are outside our control. No assurance can be given that these are all the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance or achievements of the Trust could differ materially from the results expressed in, or implied by, any forward-looking statements. Certain assumptions underlying the forward-looking information in this news release include: the Trust's assumptions regarding demand and growth in pharmaceutical sales, R&D and opportunities for royalty investing; the competitive environment in which the Trust operates; the performance of the Trust's manager during the period prior to the completion of the internalization transaction; the ability of the Trust and the manager to satisfy the conditions to closing of the internalization transaction; the Trust's ability to implement its growth strategies; the Trust's ability to obtain financing and maintain its existing financing on acceptable terms; the Trust's ability to maintain good business relationships with marketers and other industry partners; timely receipt of cash royalty receipts; expectations regarding the duration of royalties; the Trust's ability to keep pace with changing consumer preferences; the absence of material adverse changes in the Trust's industry or the global economy; currency exchange and interest rates; the impact of competition; the changes and trends in the Trust's industry or the global economy; and stability in laws, rules, regulations and global standards in the pharmaceutical industry. All forward-looking information in this news release speaks as of the date of this news release. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Trust's filings with securities regulators, including its latest annual information form and Management's Discussion and Analysis. These filings are also available at the Trust's website at
