NetworkNewsBreaks – RVL Pharmaceuticals plc (NAS
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Posted On: 10/12/2023 5:09:56 PM
NetworkNewsBreaks – RVL Pharmaceuticals plc (NASDAQ: RVLP) Reaches Agreement Regarding Reorganization of Three US Subsidiaries
RVL Pharmaceuticals (NASDAQ: RVLP), a specialty pharmaceutical company focused on the commercialization of UPNEEQ(R) (oxymetazoline hydrochloride ophthalmic solution) (“UPNEEQ”), 0.1%, for the treatment of acquired blepharoptosis, or low-lying eyelid, in adults, has announced a prepackaged reorganization of some of its subsidiaries. Those subsidiaries include RevitaLid Pharmaceutical Corp., RVL Pharmaceuticals Inc. and RVL Pharmacy, LLC. According to the announcement, a change of control transaction agreement was reached with their sole secured lenders, funds managed by Athyrium Capital Management (“Athyrium”) and other key stakeholders. The transaction will be made through through prepackaged bankruptcy cases that have begun in the U.S. Bankruptcy Court for the District of Delaware. The agreement calls for the RVL subsidiaries to focus on reducing debt, streamlining operations and maintaining jobs as they position themselves under new ownership. RVL will begin to wind down remaining operations of the company and other subsidiaries.
The company noted that its public equity will be cancelled once the wind-down is complete sometime next year. Funds managed by Athyrium will exchange outstanding debt into equity of a newly formed entity that will either (1) directly hold 100% of the equity interests of Revitalid Pharmaceutical, Corp., which is currently an indirect wholly owned subsidiary of the company, or (2) indirectly hold 100% of the equity interests of RVL Pharmaceuticals Inc., which is currently a wholly owned subsidiary of Revitalid Pharmaceutical, Corp. and the direct parent of RVL Pharmacy, LLC. “This is a significant step forward in securing RVL’s future, ensuring we continue to meet the demands of our patients while also executing our long-term growth strategy,” said RVL Pharmaceuticals CEO and board chair Brian Markison in the press release. “As we move forward, we remain committed to realizing the full commercial potential of UPNEEQ.”
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RVL Pharmaceuticals (NASDAQ: RVLP), a specialty pharmaceutical company focused on the commercialization of UPNEEQ(R) (oxymetazoline hydrochloride ophthalmic solution) (“UPNEEQ”), 0.1%, for the treatment of acquired blepharoptosis, or low-lying eyelid, in adults, has announced a prepackaged reorganization of some of its subsidiaries. Those subsidiaries include RevitaLid Pharmaceutical Corp., RVL Pharmaceuticals Inc. and RVL Pharmacy, LLC. According to the announcement, a change of control transaction agreement was reached with their sole secured lenders, funds managed by Athyrium Capital Management (“Athyrium”) and other key stakeholders. The transaction will be made through through prepackaged bankruptcy cases that have begun in the U.S. Bankruptcy Court for the District of Delaware. The agreement calls for the RVL subsidiaries to focus on reducing debt, streamlining operations and maintaining jobs as they position themselves under new ownership. RVL will begin to wind down remaining operations of the company and other subsidiaries.
The company noted that its public equity will be cancelled once the wind-down is complete sometime next year. Funds managed by Athyrium will exchange outstanding debt into equity of a newly formed entity that will either (1) directly hold 100% of the equity interests of Revitalid Pharmaceutical, Corp., which is currently an indirect wholly owned subsidiary of the company, or (2) indirectly hold 100% of the equity interests of RVL Pharmaceuticals Inc., which is currently a wholly owned subsidiary of Revitalid Pharmaceutical, Corp. and the direct parent of RVL Pharmacy, LLC. “This is a significant step forward in securing RVL’s future, ensuring we continue to meet the demands of our patients while also executing our long-term growth strategy,” said RVL Pharmaceuticals CEO and board chair Brian Markison in the press release. “As we move forward, we remain committed to realizing the full commercial potential of UPNEEQ.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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