Aceto Claims That Aurobindo Caused Its Collapse
Aceto has blamed Aurobindo for its downfall, alleging a series of calculated and deceitful actions that have critically wounded the US group’s pharma business. Aurobindo has strongly denied the charges.
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Aurobindo Expects Sandoz Business To Over-Perform
Aurobindo is betting that its $1bn purchase of Sandoz’ US assets will beat its earlier expectations and help to fuel significant growth for the Indian firm. It expects the acquisition, the company’s biggest ever, to close within 8-12 weeks.
Aceto 'No Longer Requires' CEO Kennally
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 Files For Bankruptcy As It Offloads Rising And Chemicals Businesses
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.