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Cboe Global Markets : ACETO Enters into Stalking Horse Agreement to Sell Rising Pharmaceuticals

03/08/2019 | 04:40am EDT
ACETO Enters into Stalking Horse Agreement to Sell Rising Pharmaceuticals

Charles Gross 3/8/2019 2:57:52 AM

ACETO Corporation (NASDAQ: ACET) announced that it has entered into a 'stalking-horse' asset purchase agreement with Shore Suven Pharma, Inc. to sell the assets of Rising Pharmaceuticals and Rising's subsidiaries for gross cash proceeds of $15 million, plus the assumption of operating liabilities and customer obligations related to the acquired business on a cash-free and debt-free basis.

Shore Suven Pharma, Inc. is a joint venture between Suven Life Sciences Limited, an India-based provider of contract research and manufacturing services for the global life sciences industry, and Shore Pharma Investments, LLC, a company founded by Vimal Kavuru to acquire generic drug assets. Mr. Kavuru is a member of Aceto's Board of Directors.

'We are very pleased to have completed a 'stalking horse' asset purchase agreement for Rising Pharmaceuticals. With its deep expertise in the generic drugs industry, Shore Suven Pharma ensures a seamless transition of Rising's portfolio, customer programs and manufacturing and drug development relationships,' said William C. Kennally III, Chief Executive Officer of Aceto. 'Strategically, this proposed transaction will help Rising balance its asset light business model through the opportunity to vertically integrate with a drug development lab and achieve greater control over its business going forward.'

'We are extremely pleased to have this opportunity to expand our global footprint. Leveraging Rising's product portfolio to become vertically integrated with our well-respected API and finished dose manufacturing capabilities will enable us to better serve U.S. customers,' said Mr. Venkat Jasti, CEO and Chairman of Suven Life Sciences.

'The opportunity to work with Rising's suppliers and employees to ensure continuity of product supply to customers in connection with this proposed integration will be our top priority. We have an experienced generic pharmaceutical management team ready to facilitate a smooth transition while maximizing the value of these assets. We look forward to working towards a successful closing,' said Mr. Kavuru, who will serve as CEO of Shore Suven Pharma.

The proposed sale will be conducted through a Court-supervised process under Section 363 of the Bankruptcy Code, subject to Court-approved bidding procedures, potential receipt of higher and better offers at auction; approval of the sale by the Court; and, the satisfaction of certain other conditions, including a mutual release of claims against certain of the buyer parties and their affiliates. As previously announced, Aceto has also entered into a 'stalking horse' agreement to sell its chemicals business through a Court-supervised process under Section 363 of the Bankruptcy Code. PJT Partners LP is acting as Aceto's financial advisor and investment banker to lead the sales processes under the bid procedures and Lowenstein Sandler LLP is serving as legal advisor. AP Services, an affiliate of AlixPartners LLP, is also serving as Chief Financial Officer and advisor to the Company.

Shore Suven Pharma, Inc. is represented by Reed Smith LLP. Citadel Management Consulting, a pharmaceutical-focused investment banking firm based in Hyderabad, India, also advised Shore Suven Pharma on this transaction.

To facilitate the sale of both Rising Pharmaceuticals and its chemicals business assets, Aceto and its U.S. subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey (Newark) on February 19, 2019. The Company expects to complete the dispositions of its chemicals and Rising businesses before its fiscal year end on June 30, 2019.

Disclaimer

CBOE Holdings Inc. published this content on 08 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 08 March 2019 09:39:05 UTC


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