The new management team put in place at Pozen Pharmaceuticals (Nasdaq: POZN) last week is wasting no time in revamping the Chapel Hill based company. The firm has raised a $350 million commitment in capital, is buying a Canada-based drug firm, and after closing will form a new venture named Aralez that will be based in Ireland.

The day after taking over as CEO and COO last week, top exec Adrian Adams and chief business offer Andrew Koven announced Pozen would set up a subsidary in Ireland. Pozen founder and CEO John Plachetka had retired.

Adams and Koven, who had sold off pharma firms before such as Inspire in Raleigh, on Monday announced the $350 million capital commitment from Deerfield and a syndicate of investors. The funds include $75 million set aside shares of the new venture. Other money is set aside for acquisitions and development.

Pozen is buying Canada-based Tribute Pharmaceuticals in a deal worth $146 million. The deal is expected to close in the fourth quarter at which time Aralez will be formed and “domiciled” in ireland, Pozen said.

Pozen will operate as a subsidiary of Aralez.

Pozen focuses on pain relievers and “safer aspirin” delivery technology. Tribute also has several products for pain relief.

“Pozen is focused on becoming a leading player in the North American specialty pharmaceuticals space, and we expect this transformative acquisition to enhance our offerings while providing significant benefits for all of our stakeholders,” Adams said.

“Tribute’s strong presence in Canada, along with the committed capital to fund ongoing growth opportunities, provides Pozen with the broad capabilities to execute against its objectives.”

Adams will serve as CEO of the combined venture.

Pozen shareholders will own some 66 percent of the new company.