Aceto 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. 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.
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