Ropes & Gray Represents Osmotica Pharmaceuticals in Pending Sale of its Legacy Products Business to Alora Pharmaceuticals
Ropes & Gray represented Osmotica Pharmaceuticals in its pending sale to Alora Pharmaceuticals of Osmotica’s portfolio of legacy products and related operations and Osmotica’s Marietta, Georgia manufacturing facility for up to $170 million. The transaction was announced on June 25.
Under the terms of the agreement, Osmotica will receive an upfront cash payment of $110 million, subject to customary adjustments, with the potential to receive up to $60 million in additional contingent payments post-closing of the transaction upon achievement of specified milestones. Osmotica will retain the RVL Pharmaceuticals business focused on ophthalmology and aesthetics, led by its flagship product UPNEEQ. Osmotica will also retain arbaclofen extended –release tablets in development to treat multiple sclerosis spasticity.
The Ropes & Gray team was led by private equity partner David Blittner and associates Todd Kornreich, Bethany Hickey and Caroline Barry (all of New York) and included tax partner Leo Arnaboldi (New York), life sciences partner Hannah Freeman, capital markets partner Will Michener (both of Boston), employment & benefits partner Renata Ferrari (Boston), life sciences regulatory & compliance partner Kellie Combs (Washington, D.C.), litigation & enforcement partner Mike McFalls (Washington, D.C.), finance partner Arek Maczka (New York), health care counsel Alison Fethke (Chicago), debt finance associate Dan Coyne (Boston) and life sciences associate Maria Colella (Boston).