August 10, 2018 – Aralez Pharmaceuticals US and 6 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, case number 18-12425. The Company, which operates as a specialty pharmaceutical company in the United States and Canada, is represented in Paul V. Shaloub of Willkie Farr & Gallagher.
The Company’s parent, Aralez Pharmaceuticals, along with its Canadian subsidiary, Aralez Pharmaceuticals Canada, has commence voluntary proceedings under Canada’s Companies’ Creditor Arrangement Act (the “CCAA”) in the Ontario Superior Court of Justice. Aralez Pharmaceuticals intends to enter into purchase agreements with two separate stalking-horse purchasers to sell its main operating businesses: an agreement to sell its VIMOVO® royalties and Canadian operations to Nuvo Pharmaceuticals Inc. (“Nuvo”) in a transaction valued at U.S.$110 million and an agreement to sell its TOPROL-XL® Franchise to its secured lender, certain funds managed by Deerfield Management Company, L.P., in a transaction valued at U.S.$140 million. “Following a thorough financial and strategic review, we believe that these sales, together with an auction process under court supervision are in the best interests of the Company and its stakeholders,” said Adrian Adams, Chief Executive Officer of Aralez. Aralez is being advised by Moelis & Company LLC and Alvarez & Marsal as its financial advisors and Willkie Farr & Gallagher LLP and Stikeman Elliott LLP as U.S. and Canadian legal counsel, respectively.
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