Aceto cancels pharma business auction, to seek OK of Shore Suven deal

By Caroline Salls

Pittsburgh, April 2 – Aceto Corp. cancelled the April 2 auction for substantially all of the assets of its pharma business and will ask the U.S. Bankruptcy Court for the District of New Jersey to approve a sale to stalking horse bidder Shore Suven Pharma, Inc., according to a notice filed Friday.

Aceto said it did not receive any other qualified bids for the pharma business assets.

As previously reported, the purchase agreement includes the assumption of operating liabilities and customer obligations related to the acquired business on a cash-free and debt-free basis.

In addition to the purchase price of about $27 million, excluding the assumed liabilities, Shore Suven has agreed to assume liability for cure costs and other assumed liabilities that may exceed $125 million in total.

The sale hearing is scheduled for April 8.

Aceto is a Port Washington, N.Y.-based developer, marketer, seller and distributor of human health products, pharmaceutical ingredients and performance chemicals. The company filed bankruptcy on Feb. 19 under Chapter 11 case number 19-13448.

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