Cipher Pharmaceuticals Inc. (TSX:CPH) is looking for acquisitions. During the Cipher Pharmaceuticals quarterly conference call for the company's Fourth Quarter and Full Year 2025 Results, Craig Mull, Interim Chief Executive Officer of the company, said, "I'd like to spend my remaining time providing an update on our business development activities, which we are very active in and where myself and along with many members of our team are focusing on a significant amount of our time. We have 4 distinct strategies ongoing at the moment to drive shareholder value and grow our business.

Firstly, invest in the Natroba business and our U.S. operations. Secondly, we're looking for acquisitions. We're in-licensing of complementary products, particularly for our U.S. platform.

We're looking for Health Canada to approve and launch and we will launch Natroba in Canada. We are very active in discussions and negotiations with out-licensing partners for Natroba globally. And then lastly, we're viewing possible acquisitions of strategic value.

And I've referred to this particular segment of our growth strategy as opportunistic acquisitions." "Fifth and lastly, as part of our strategic plan for growing the business is evaluating and pursuing company acquisitions, which may have strategic value to Cipher. We believe that Cipher would benefit from additional size and scale including its pursuit of the business development strategies I previously mentioned. Accordingly, acquiring companies that would add to our size and scale as well as provide other strategic benefits has also become a focus of our strategies to drive shareholder value.

Accordingly, we are actively sourcing, evaluating and pursuing company acquisitions that achieve these objectives. We look forward to providing updates on this area of our business as we progress". "We need to be able to compete against much larger companies on acquisitions.

And so we may be looking to acquire a company that has excellent EBITDA percentages and numbers and allow us to be able to use that cash flow to be more aggressive on acquisitions. It also might be easier to lead to a NASDAQ listing, which is something that we've -- one of our goals that we've talked about before".