Aralez Pharmaceuticals has completed the $110 million sale of its Vimovo royalties and its Canadian operations to Nuvo Pharmaceuticals.
Aralez and certain of its affiliates conducted a court-supervised sale and auction process as part of their independent Canadian and US court-supervised restructuring proceedings.
The bid made by Nuvo served as the “stalking horse” bid for purposes of the sale of the Vimovo royalties and Canadian operations and was ultimately determined to be the successful bid in accordance with the related court approved bidding procedures.
The Ontario Superior Court of Justice and the US Bankruptcy Court approved the sales pursuant to orders dated December 7, 2018 and December 27, 2018, respectively.
The Company and certain of its affiliates continue to seek approval of the US Bankruptcy Court for the sale of its TOPROL-XL Franchise to its secured lender, certain funds managed by Deerfield Management Company (Deerfield), in a transaction valued at $130 million, subject to customary adjustments.
On December 18, 2018, the Company completed the sale of the US rights of Bezalip SR to Intercept Pharmaceuticals as previously disclosed on December 12, 2018.
The Company and certain of its affiliates also continue their efforts to sell the assets not being sold in the transactions described above and intend to wind down their operations immediately following the consummation of the sales.