Davis Polk Advises Pernix on Completing Sale of Substantially All of Its Assets to Currax Holdings LLC
Davis Polk advised Pernix Therapeutics Holdings, Inc. in connection with the sale of substantially all of its assets to Currax Holdings LLC, an entity formed by affiliates of Highbridge Capital Management, LLC, for approximately $75.6 million, plus the assumption of certain liabilities. The sale was consummated through Pernix’s Chapter 11 bankruptcy.
The sale of substantially all of Pernix’s assets through an accelerated in-court process was enabled by a comprehensive settlement negotiated among Pernix, Highbridge and the official committee of unsecured creditors appointed in Pernix’s bankruptcy and approved by the court on April 4, 2019. Pernix is pursuing confirmation of a plan of liquidation reflecting the settlement’s material terms.
Pernix is a specialty pharmaceutical company, based in Morristown, New Jersey. Pernix’s core branded products included Zohydro ER with BeadTek, Silenor and Treximet.
The Davis Polk restructuring team included partners Marshall S. Huebner and Eli J. Vonnegut and associates Christopher Robertson and Erik Jerrard. The corporate team included partner Michael Davis and associate Abraham Einhorn. The finance team included partner Jinsoo H. Kim and counsel Andrei Takhteyev. The litigation team included partner Elliot Moskowitz and associate Olga Kogan. All members of the Davis Polk team are based in the New York office.
Guggenheim Securities, LLC served as Pernix’s investment banker and Ernst & Young LLP served as its financial adviser. Landis Rath & Cobb LLP served as Pernix’s Delaware counsel.