Vyera Pharmaceuticals, LLC and Phoenixus AG announced that they have entered into an Asset Purchase Agreement related to Daraprim and Vecamyl.
NEW YORK and BAAR, Switzerland, Aug. 1, 2023 /PRNewswire/ -- Vyera Pharmaceuticals, LLC (“Vyera”) and Phoenixus AG (“Phoenixus”) today announced that they have entered into an Asset Purchase Agreement related to Daraprim and Vecamyl.
The aggregate consideration to be paid for the sale and transfer of the purchased assets and the assignment of the certain contracts, subject to adjustment, shall be $650,000 together with the assumption of post-closing liabilities. The closing of the transaction is subject to satisfaction of certain conditions, including without limitation approval of the United States Bankruptcy Court for the District of Delaware with which Vyera and Phoenixus, together with affiliated parties, have filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code and have elected to proceed under Subchapter V thereunder. The bankruptcy cases are jointly administered under Case No. 23-10605 (JKS).
As part of the Subchapter V proceedings, Vyera filed a motion seeking authorization of its proposed bidding procedures under which to conduct its 363 sale.
Additional information about this process and the proposed asset sale, as well as other documents relating to Vyera’s Subchapter V proceedings, is available through Vyera’s claims and noticing agent’s website: https://dm.epiq11.com/case/vyera/dockets.
DLA Piper LLP is serving as the Vyera’s legal counsel. SierraConstellation Partners LLC is serving as Chief Restructuring Officer and financial advisor, and Alvarez and Marsal Securities LLC is serving as investment banker. For more information about the sale process, interested parties should contact Alvarez and Marsal Securities LLC.
About Daraprim
DARAPRIM is a prescription medication that contains pyrimethamine for the treatment of toxoplasmosis when used with a sulfonamide (e.g., sulfadoxine). Toxoplasmosis is a serious, sometimes fatal infection caused by the Toxoplasma gondii (T. gondii) parasite, one of the most common parasites in the world.
About Vecamyl
VECAMYL® (mecamylamine HCI) is indicated for the management of moderately severe to severe essential hypertension and in uncomplicated cases of malignant hypertension.
About Vyera
Vyera is a United States based biopharmaceutical company committed to developing and commercializing treatments that address serious and rare diseases with high unmet medical needs. Vyera supports programs that offer financial assistance to patients in need and gives discounts to organizations that provide care to underserved populations. Vyera’s research and development efforts focus on novel treatment options for toxoplasmosis and other rare or serious health conditions. https://www.vyera.com/.
About Phoenixus AG
Phoenixus AG is a Swiss based global biopharmaceutical enterprise using a virtual pharma and centralized services development model to reduce the risk, costs and timing of product development across its portfolio companies.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995, that involve risks, uncertainties, and assumptions that are difficult to predict. Buyer and Vyera and Phoenixus (collectively, the “Companies”) intend that such forward-looking statements be subject to the safe harbors created thereby. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as “believes,” “hopes,” “intends,” “estimates,” “expects,” “projects,” “plans,” “anticipates” and variations thereof, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. The Companies’ forward-looking statements are not guarantees of performance, and actual results could vary materially from those contained in or expressed by such statements due to risks and uncertainties including: (i) the sufficiency of the Companies’ cash position, (ii) the Companies’ ability to raise additional capital to fund its operations, (iii) the Companies’ ability to meet its debt obligations, if any, (iv) the Companies’ ability to enter into partnership or licensing arrangements with third parties, (v) the Companies’ ability to identify patients to enroll in its clinical trials in a timely fashion, (vi) the Companies’ ability to achieve approval of a marketable product, (vii) the design, implementation and conduct of the Companies’ clinical trials, (viii) the results of the Companies’ clinical trials, including the possibility of unfavorable clinical trial results, (ix) the market for, and marketability of, any product that is approved, (x) the existence or development of vaccines, drugs, or other treatments that are viewed by medical professionals or patients as superior to the Companies’ products, (xi) regulatory initiatives, compliance with governmental regulations and the regulatory approval process, (xii) general economic and business conditions, (xiii) changes in foreign, political, and social conditions, and (xiv) various other matters, many of which are beyond the Companies’ control. Except as required by law, neither Company undertakes any responsibility to update any forward-looking statements to take into account events or circumstances that occur after the date of this press release.
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SOURCE Vyera Pharmaceuticals
