Aceto looks for a way to rescue its business
A “range of strategic alternatives”, including breaking up the company or merging with another firm, is on the table for Aceto as the company grapples with “persistent adverse conditions in the generics market”. As part of the “immediate and proactive steps” being taken by the firm’s board, a new interim chief financial officer, Rebecca Roof, has been appointed to replace Edward Borkowski.
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Aceto has completed the divestment of its Rising Pharmaceuticals generics unit, is moving ahead with the disposal of its chemicals business and has disclosed a bonus incentive scheme for its CEO, William Kennally, aimed at securing the maximum value for its assets as part of bankruptcy proceedings.
Struggling US firm Aceto has filed Chapter 11 bankruptcy petitions at the same time as agreeing to divest its chemicals business assets for US$338 million, with plans to also offload its Rising Pharmaceuticals unit.
WaveData’s compilation of the fastest-rising UK generics prices in December showed several products across multiple presentations more than doubling their average trade prices to independent pharmacists.