Aceto Completes Sale Of Rising Pharmaceuticals
Aceto has completed the divestment of its Rising Pharmaceuticals generics unit, is moving ahead with the disposal of its chemicals business and has disclosed a bonus incentive scheme for its CEO, William Kennally, aimed at securing the maximum value for its assets as part of bankruptcy proceedings.
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Executive Summary: Through a transaction valued at approximately $56.4m, the private equity giant H.I.G. Capital has acquired Suven Pharma’s 25% stake in Rising Pharma Holdings.
Several generic rivals to Pfizer’s Lyrica have hit the US market following the anti-seizure and pain brand’s loss of exclusivity.
Aceto has terminated William Kennally’s tenure as president and CEO of the struggling US firm, following deals struck to divest its Rising Pharmaceuticals generics business and chemicals unit as part of bankruptcy proceedings. Meanwhile, the Nasdaq listing has confirmed that Aceto will be delisted in mid-June.