Unilife wraps asset sales, expects to wind down and dissolve

New York, Aug. 2 – Unilife Corp. said that it closed on a series of asset sales and now expects to wind down and dissolve.

The sales of substantially all the company’s assets closed on July 24 after a court hearing on July 19 and an auction on July 17, according to an 8-K filing with the Securities and Exchange Commission.

The successful bidders were Hikma Pharmaceuticals LLC, Amgen Inc. and UNL Holdings LLC bidding on behalf of ROS Acquisition Offshore LP.

No cash was received because each purchaser was a secured creditor or acting on behalf of one and none of the bids were more than the amount of the purchaser’s secured debt.

Under the sale agreements, Hikma licensed intellectual property and purchased physical assets and intellectual property related to Unifill Nexus luer connection syringe and the Unifill Nexus Select syringe. Hikma made a credit bid and the release of its $7.5 million secured claim.

Amgen purchased physical assets and intellectual property related to the company’s 1mL wearable injector patents for a credit bid and the release of a $10 million note obligation.

UNL purchased the remaining physical assets and intellectual property for a credit bid and debtor-in-possession debt, releasing obligations of $25 million.

After a distribution to unsecured creditors, no recovery is likely to stockholders.

Medical device manufacturer Unilife is based in York, Pa. The company filed for bankruptcy on April 12 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 case number 17-10805.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.