Aceto Strikes Deal To Offload Rising For Just US$15m
Aceto has struck a deal to sell its Rising Pharmaceuticals unit and related businesses to Shore Suven Pharma for US$15 million. The agreement comes shortly after Aceto agreed to divest its chemicals business assets for US$338 million after filing Chapter 11 bankruptcy petitions in the US.
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Steven Rogers has become president of ailing US firm Aceto, in the wake of William Kennally’s termination as president and CEO. Meanwhile, the firm’s chief financial officer has also stepped down.
Aceto has terminated William Kennally’s tenure as president and CEO of the struggling US firm, following deals struck to divest its Rising Pharmaceuticals generics business and chemicals unit as part of bankruptcy proceedings. Meanwhile, the Nasdaq listing has confirmed that Aceto will be delisted in mid-June.
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.