August 10, 2018 / 12:33 PM / 2 years ago

BUZZ-Aralez plans to sell all assets, wind down operations; shares crash

** Canadian drugmaker’s shares plummet nearly 80 pct to trade at $0.07 - top decliner across U.S. exchanges premarket

** Co says it plans to sell its main operating businesses in separate deals for a total $250 mln and intends to wind down operations following the sale of all its assets

** Intends to sell royalties from arthritis pain reliever Vimovo, Canadian operations to Nuvo Pharmaceuticals Inc in a $110 million deal, and sell its chest pain drug, Toprol, to its secured lender in a $140 million deal

** Co says also engaged in efforts to sell assets not being sold in either of the proposed deals

** Says its units have elected to file for Chapter 11 bankruptcy

** Stock had fallen about 78 pct since May 7, a day before co expressed going concerns doubts (Reporting by Manas Mishra in Bengaluru)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below