Jaysukh Sabhaya cancelled its acquisition of Pharmacy Administration, Inc. from ScripsAmerica, Inc. (OTCPK:SCRC.Q).
January 17, 2018
Share
Jaysukh Sabhaya entered into an asset purchase agreement to acquire Pharmacy Administration, Inc. from ScripsAmerica, Inc. (OTCPK:SCRC.Q) for $0.15 million on January 18, 2017. On January 24, 2017, Jaysukh Sabhaya bid was determined to be the highest and best bid in the auction. On January 25, 2017, the court approved the sale of Pharmacy Administration. Daniel K. Astin, John D. McLaughlin, Albert A. Ciardi, III and Nicole M. Nigrelli of Ciardi Ciardi & Astin, P.C. acted as legal advisors for ScripsAmerica. Equity Partners HG, LLC acted as financial advisor for ScripsAmerica.
Jaysukh Sabhaya cancelled its acquisition of Pharmacy Administration, Inc. from ScripsAmerica, Inc. (OTCPK:SCRC.Q) on January 18, 2018.
ScripsAmerica, Inc. is engaged in the distribution of prescription and over the counter pharmaceuticals. The Company's subsidiaries include Main Avenue Pharmacy Inc. (Main Avenue), DispenseDoc Inc. (DispenseDoc) and Pharmacy Administration, Inc. (Pharmacy Administration). It also holds interests in P.I.M.D. International LLC (PIMD). Its operations consist of the sale and compounding of non-sterile topical and transdermal pain creams through Main Avenue; wholesale sales to independent pharmacies and other medical providers through PIMD; pharmacy dispensing services for individual doctors through DispenseDoc, and billing and administrative services through Pharmacy Administration. Main Avenue's prescription pain creams incorporate approximately eight active pharmaceutical ingredients for application on the skin and in localized areas. As of December 31, 2014, PIMD held licenses in over 20 states to receive, store and ship Schedule 3 through Schedule 5 formulary pharmaceuticals.
SCRIPSAMERICA, INC. 
