ACETO Enters into “Stalking Horse” Agreement to Sell Rising Pharmaceuticals
“We are very pleased to have completed a ‘stalking horse’ asset purchase agreement for
“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.
“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,
To facilitate the sale of both
Additional information about Aceto’s Chapter 11 cases can be found at http://cases.primeclerk.com/Aceto and by calling 844-216-7718, a toll-free number for callers in the U.S. and
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements as that term is defined in the federal securities laws, including statements regarding the proposed sales of ACETO’s operating businesses. Generally, ACETO’s forward-looking statements relate to our business plans or strategies, projected or anticipated benefits or other consequences of ACETO’s plans or strategies, financing plans, projected or anticipated benefits from acquisitions that
All forward-looking statements attributable to
Source: ACETO Corporation