Healthcare Industry News: HSMN NewsFeed
News Release - September 28, 2011
Graceway Pharmaceuticals, LLC Reaches Agreement to Sell its Assets to Galderma S.A.BRISTOL, Tenn.--(Healthcare Sales & Marketing Network)-- Graceway Pharmaceuticals, LLC (“Graceway”), a branded pharmaceutical company and the maker of Zyclara® (imiquimod) Cream, 3.75%, and Galderma S.A. (“Galderma”), a global specialty pharmaceutical company focused on dermatology, today announced that they have entered into a definitive agreement for Galderma to acquire substantially all of Graceway’s U.S. and Canadian assets.
Under the terms of the agreement, Galderma will acquire substantially all of Graceway’s assets including inventory and intellectual property rights and will assume the majority of Graceway’s contract manufacturing, contract research and other vendor contracts related to the acquired assets. To implement the transaction, Graceway will seek authority to sell its assets under Section 363 of the United States Bankruptcy Code and through a concurrent receivership proceeding in Canada. Other parties will have an opportunity to submit higher and better offers to purchase the Company’s assets under this Court-supervised process and Graceway anticipates the sale transaction will be completed by the end of January with minimal disruption to the business.
Lazard is acting as financial advisor to Graceway, Latham & Watkins LLP is serving as legal advisor and Alvarez & Marsal North America, LLC is serving as restructuring advisor. Credit Suisse is acting as financial advisor and Debevoise & Plimpton is acting as legal advisor to Galderma.
About Graceway® Pharmaceuticals, LLC
Graceway Pharmaceuticals, LLC ("Graceway"), headquartered in Bristol, TN, is a pharmaceutical company focused on acquiring, in-licensing, and developing branded prescription pharmaceutical products. Current prescription products marketed by Graceway include Zyclara® (imiquimod) Cream, 3.75%, Aldara® (imiquimod) Cream, 5%, Maxair® Autohaler® (pirbuterol acetate inhalation aerosol), Atopiclair® Nonsteroidal Cream, and Estrasorb® (estradiol topical emulsion). Zyclara®, Aldara®, Maxair® Autohaler®, Atopiclair®, and Estrasorb® are trademarks owned by or licensed to Graceway. For more information on Graceway's products, including important safety information, please visit www.gracewaypharma.com.
About Galderma S.A.
Galderma’s ambition is to be recognized as the most competent and successful innovation-based company focused exclusively on meeting the needs of dermatology patients and physicians. A fully-integrated specialty pharmaceutical company, Galderma was founded in 1981 and has over 3200 employees in 31 affiliates around the world actively collaborating with doctors, scientists, research institutes, universities, and patient advocacy groups who all share a commitment to improving the health of skin. With approximately 20% of sales invested each year to discover and develop new products and access innovative technologies, Galderma’s laboratory in Sophia-Antipolis, France, is one of the largest R&D facilities in the world dedicated exclusively to dermatology. The company’s extensive portfolio of products is available in 70 countries and treats a range of dermatological conditions including: acne, rosacea, onychomycosis, psoriasis & steroid-responsive dermatoses, pigmentary disorders, skin cancer and medical solutions for skin senescence. Strategic brands include Epiduo, Oracea, Clobex, Azzalure/Dysport, Differin, Cetaphil, Loceryl, Rozex/MetroGel, Silkis/Vectical, Metvix, Macrolane, Tri-Luma, Restylane and Emervel.
Source: Graceway Pharmaceuticals
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