Background: South-Am Freeze Dry SpA (“South-Am”), founded in 2004 and based in Chile, is a full-service manufacturer of premium freeze-dried fruits, vegetables, and powders, driven by top standards of food safety and traceability. South-Am fuses creativity and innovation with world-class quality standards.
Cassel Salpeter:
Served as financial advisor to the Company
Distressed operations with excess plant capacity and negative cash flow
Spin-out of a non-core business unit
Challenges:
Niche industry with a limited number of potential buyers
Expedited timeline to close
Spin-out of a non-core business unit
Outcome: On August 14, 2019, Van Drunen Farms (“VDF”) acquired a majority interest in South-Am. VDF is a world leader in agriculture, food science, and dehydrating fruits, vegetables, and grains.
The partnership formed between South-Am and VDF provided South-Am with a significant minority stake, and quickly filled excess plant capacity, providing a path to profitability.
https://www.casselsalpeter.com/wp-content/uploads/2019/11/SouthAM_logo.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2019-08-01 17:23:142020-12-08 14:37:16South-Am sold a majority interest to Van Drunen Farms
Background: Achaogen, Inc. (“Achaogen”), based in South San Francisco, CA, is a biopharmaceutical company that develops and commercializes innovative antibacterial agents to address multidrug-resistant gram-negative infections.
Cassel Salpeter:
Served as financial advisor to the Company
Conducted a robust sales process, identifying and contacting approximately 200 strategic and financial parties
Significantly increased the value of the opening bid by running a competitive auction
Provided assistance throughout all phases of the Chapter 11 Section 363 sales process, due diligence, and auctions
Challenges:
Achaogen’s lead asset, ZEMDRI™, had an unsuccessful launch which lead to massive layoffs, including almost all Achaogen’s sales force
Dramatic downturn in the availability of financing from both the debt and equity markets for companies in the anti-infective field
Maximizing value with no stalking horse bidder in place
Outcome: On July 23, 2019, the court approved the sale of Achaogen’s core assets to Cipla USA Inc., a subsidiary of the India-based parent, Cipla Limited. Additional assets were also sold to multiple buyers as part of the bankruptcy sales process.
https://www.casselsalpeter.com/wp-content/uploads/2019/11/Achaogen_logo.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2019-06-01 17:01:082020-12-08 14:37:10Achaogen sold the global assets to Cipla USA
Background: Avadel Specialty Pharmaceuticals, LLC (“ASP”), based in Chesterfield, MO, is a pharmaceutical company engaged in the business of commercializing, marketing, and distributing NOCTIVA™ (desmopressin acetate) nasal spray.
Cassel Salpeter:
Served as financial advisor to the Company
Ran a competitive sales process, identifying and contacting over 100 strategic and financial parties
Provided assistance throughout all phases of the Chapter 11 Section 363 sales process, due diligence, and auction.
Challenges:
NOCTIVA™ had limited sales and required a full commercialization effort to make the drug financially successful
ASP entered into an unfavorable license agreement which potential bidders ultimately had to renegotiate
Outcome: On April 15, 2019, the court approved the sale of certain ASP assets to Roivant Sciences GmbH, headquartered in Basel, Switzerland.
https://www.casselsalpeter.com/wp-content/uploads/2019/11/Avadel_logo.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2019-04-01 17:22:402020-12-08 14:37:00ASP sold certain assets to Roivant Sciences GmbH
