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Inyx management looks to take company private; acquisition of Pharmapac UK nears
By Angela McDaniels
Seattle, Jan. 25 - Inyx, Inc. said its senior management group is finalizing its financing, completing its valuation of Inyx and plans to present an "attractive" cash buyout offer for the company in February.
The group is led by chairman and chief executive officer Jack Kachkar, who arranged the financing along with several strategic outside investors, and president Steve Handley, according to a company news release.
The company said its board of directors has a special committee made up of three independent directors that will evaluate the fairness of any buyout offer made.
In the release, Inyx also reported that financing has been arranged for its pending acquisition of Pharmapac UK Ltd., which is now expected to be completed in February following confirmation of Inyx's integration plans for Pharmapac.
The purchase price is £9 million in cash at closing, with a non-refundable deposit of £750,000 already paid, plus £1.5 million in cash to be held in escrow to pay out if certain milestones are met in 2007 and 2008.
In 2006, Pharmapac had revenues of about £7.3 million with EBITDA of £1.5 million.
Inyx further reported that it is retaining a consulting firm to assist in recapitalizing the company's balance sheet and in other strategic initiatives.
Related to the recapitalization, Inyx plans to pay off the loan amounts owed to Westernbank Puerto Rico by March 31; this debt totals $120 million, and Kachkar has pledged a personal guaranty against a portion of that amount, according to the release.
Inyx is a pharmaceutical company based in New York that develops drug-delivery technologies and products for the treatment of respiratory, allergy, dermatological, topical and cardiovascular conditions.
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