ASP sold certain assets to Roivant Sciences GmbH
- 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.
