MiddleBrook Being Sold to Victoria Pharma 0
The Westlake, Texas based pharmaceutical company MiddleBrook Pharmaceuticals inc. has decided to sell the company to San Diego based Victory Pharma Inc. The deal took place at a cost of $17.1 million for Victory Pharma Inc.
The deal needs to be approved by the federal government and U.S. bankruptcy Court in the district of Delaware. Middle brook filed for Bankruptacy last month. Since the deal is not yet finalized, any bid that outbids the current Victory Pharma price can be the owner of the company. MiddleBrook in its filing declared $42.2 million in assets and $29.2 million in debths.
Victory Pharma has already paid $1.71 million as a deposit towards the purchase price and will pay an additional $350,00 for the closure of the liabilities held by MiddleBrook. If the deal fails to make it through, then MiddleBrook has to pay Victory $400000 as termination fees and other $150000 as reimbursement charges.
The two flagship drugs of the MiddleBrook pharmaceuticals will be sold and supported by the Victory Pharma Inc, which includes the Moxatag strep throat pills. The problems for the company rose with the introduction of Moxatag drug into the market last year. Its sluggish sales and demand caused huge losses to the company and lower than expected earnings.
subscribe to comments RSS
There are no comments for this post