Amneal Pharmaceuticals (NYSE:AMRX) and AvKARE Inc. have entered into a definitive agreement under which Amneal will acquire a 65.1% majority interest in AvKARE and its related affiliate doing business as R&S Northeast for an implied enterprise value of $340M.
Amneal will acquire its majority interest through an unrestricted subsidiary, which will finance the purchase with a new $180M senior secured term loan facility, ~$75M cash and an ~$44M Seller Note, with the balance value contributed through the selling shareholders’ rollover interest in the newly formed subsidiary.
The transaction is expected to be completed in early 2020.
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