Aralez Pharmaceuticals to sell assets for $328 mln, wind down
Toronto-based specialty pharmaceutical company Aralez Pharmaceuticals Inc (TSX: ARZ) has entered into agreements with stalking-horse buyers to sell its main assets for about $328 million (US$250 million). Aralez agreed to sell its Vimovo royalties and local operations to Nuvo Pharmaceuticals Inc, a Toronto-based healthcare company, for US$110 million. It also agreed to sell its Toprol-XL franchise to Deerfield Management, a U.S. healthcare investor, for US$140 million. Aralez said it has begun proceedings under the Companies' Creditor Arrangement Act and will wind down following the asset sales. Aralez launched in 2016 through a merger backed with US$350 million in Deerfield-led commitments.
13 August 2018•5 mins read
