Acerus Announces Commencement of Court-Approved Sale and Investment Solicitation Process
14 März 2023 - 12:30PM
On January 26, 2023, Acerus Pharmaceuticals Corporation and certain
of its subsidiaries (collectively, “
Acerus”) were
granted protection pursuant to an order (the “
Initial
Order”) issued under the Companies’ Creditors Arrangement
Act (the “
CCAA Proceedings”) by the Ontario
Superior Court of Justice (the “
Canadian Court”).
Ernst & Young Inc. was appointed Monitor of Acerus (in such
capacity, the “
Monitor”). On February 3, 2023, the
Initial Order was amended and restated (the “
Amended and
Restated Initial Order”). On February 27, 2023, pursuant
to Chapter 15 of the U.S. Bankruptcy Code, the U.S. Bankruptcy
Court for the District of Delaware granted an order recognizing the
CCAA Proceedings as the foreign main proceedings and giving full
force and effect to the orders entered in the CCAA Proceedings.
Pursuant to an order granted by the Canadian
Court on March 9, 2023 (the “SISP Approval
Order”), Acerus has initiated a sale and investment
solicitation process (the “SISP”) to be conducted
by the Monitor with the assistance of Acerus.
The SISP is intended to solicit interest in the
opportunity for a sale of or investment in all or part of Acerus’
assets (which includes Noctiva, Natesto, Strendra (avanafil),
Lidbree, Tefina, TriVair and all other products of Acerus) and
business operations.
All qualified interested parties will be
provided with an opportunity to participate in the SISP, including
receipt of a process summary describing the opportunity and access
to a virtual data-room on execution of a non-disclosure agreement
acceptable to Acerus and the Monitor.
The deadline to submit a binding offer under the
SISP is set for April 28, 2023, at 5:00 p.m. (Toronto
Time).
Those who are interested in participating in
this SISP can contact the Monitor to receive additional information
at:
Ernst & Young Inc.100
Adelaide Street West, P.O. Box 1Toronto, ON, M5H 0B3CanadaPhone:
416-932-4890Email: acerus.monitor@ca.ey.comAttention: Parker
Lobban
Copies of the Amended and Restated Initial
Order, the SISP Approval Order and the SISP may be obtained from
the website of the Monitor, www.ey.com/ca/acerus.
Acerus’ common shares were delisted from the
Toronto Stock Exchange effective March 3, 2023.
About Acerus
Acerus Pharmaceuticals Corporation is a
specialty pharmaceutical company focused on the commercialization
and development of innovative prescription products that improve
patient experience, with a primary focus in the field of men’s
health.
For further information regarding the CCAA
proceedings you can refer to the Monitor’s website at
www.ey.com/ca/acerus.
Notice regarding forward-looking
statements
Information in this press release that is not
historical factual information may constitute forward-looking
information within the meaning of securities laws. Implicit in this
information are assumptions regarding our future operational
results. These assumptions, although considered reasonable by the
company at the time of preparation, may prove to be incorrect.
Readers are cautioned that actual performance of the Company is
subject to several risks and uncertainties, including the results
of the proceedings under the CCAA and any potential recovery for
stakeholders of the Company, and results could differ materially
from what is currently expected as set out above. Forward-looking
information contained in this press release is based on our current
estimates, expectations and projections, which we believe are
reasonable as of the current date. You should not place undue
importance on forward-looking information and should not rely upon
this information as of any other date. While we may elect to, we
are under no obligation and do not undertake to update this
information at any particular time, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
Company ContactFAAN Advisors
Group Inc.Chief Restructuring Officerir@aceruspharma.com
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