Currax™ Holdings USA LLC Announces Launch and Close of Acquisition
Industry veterans George Hampton and Terry Evans appointed CEO and COO, respectively
Company to leverage enhanced capital structure to fuel organic growth and opportunistic acquisitions
May 01, 2019 09:19 AM Eastern Daylight Time
MORRISTOWN, N.J. – (BUSINESSWIRE) – Currax™ Holdings USA LLC (“the Company”) today announced its launch, in conjunction with the closing of a strategic transaction. Currax Holdings USA LLC is a privately held holding company that wholly owns Currax Pharmaceuticals LLC (“Currax”) and Persion Pharmaceuticals LLC (“Persion”), specialty pharmaceutical businesses focused on acquiring and commercializing prescription drugs within the U.S. market.
Currax Holdings USA LLC was launched simultaneous with the completion of its acquisition of substantially all the assets from Pernix Therapeutics Holdings, Inc. (“Pernix”). As a result of the acquisition, Currax Holdings USA LLC is now a portfolio company of certain funds managed by Highbridge Capital Management, LLC (“Highbridge”). Currax now distributes the Branded and generic medications formerly owned by Pernix. All medications will continue to be distributed via retail pharmacies and the Prescriptions Direct® program. Other patient support programs including those intended to lower the out-of-pocket costs of Currax medications will continue to be available without disruption. Currax also owns a 10% stake in Nalpropion™ Pharmaceuticals, Inc. (“Nalpropion”), the owner of the market leading branded weight loss medication, Contrave®.
“Currax’s enhanced capital structure will enable us to accelerate existing portfolio medications and pursue a robust growth strategy through acquisitions and strategic partnerships with our current products in both Branded and generic markets,” said George Hampton, newly appointed Chief Executive Officer of Currax Holdings USA LLC. “We are laser focused on our broader mission to provide greater access to life-changing medications for healthcare providers and the patients they serve. I am delighted that our highly experienced management team will continue on with Currax and I look forward to working with them to accomplish our goals.”
George Hampton brings nearly three decades of industry experience to his role as CEO of Currax Holdings USA LLC. Hampton will also serve as CEO of Nalpropion Pharmaceuticals. Previously, he was Executive Vice President of the Primary Care Business at Horizon Pharma (NASDAQ: HZNP), a multi-billion dollar biopharmaceutical company. At Horizon, Hampton reported directly to the CEO and also led the Global Orphan Business Unit and International Operations. Across these business units, Mr. Hampton led efforts to identify, develop, acquire and commercialize differentiated and accessible medicines addressing unmet medical needs.
Currax Holdings USA LLC has also appointed Terry Evans Chief Operating Officer. Mr. Evans joins the Company from Horizon Pharma, where he was Senior Vice President and General Manager of Managed Care and Trade. He brings over two decades of expertise in pharmaceutical distribution and operations.
The Company will be headquartered in Morristown, NJ. More information about Currax can be found at www.curraxpharma.com.
The creation of Currax Holdings USA LLC follows the Highbridge funds’ acquisition of substantially all the assets of Pernix, including the rights to all Branded and generic products, per the firm’s previously disclosed “stalking-horse bid” for $75.6 million in the form of cash and credit bid consideration. The asset purchase agreement was announced in conjunction with Pernix’s voluntary filing for Chapter 11 protection under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The transaction was completed following customary closing conditions, including approval of the transaction by the bankruptcy court pursuant to a motion on April 15, 2019.
Highbridge was advised by Ducera Partners LLC and Skadden, Arps, Slate, Meagher & Flom LLP.
Pernix was advised by Guggenheim Securities, LLC, Davis Polk & Wardwell LLP, and Ernst & Young LLP.
About Currax Holdings USA LLC
Currax Holdings USA LLC is a privately-held holding company focused on acquiring and commercializing prescription drugs within the U.S. market. Currax Holdings USA LLC is the parent of several subsidiaries, including Currax Pharmaceuticals LLC and Persion Pharmaceuticals LLC, specialty pharmaceutical businesses focused on acquiring and commercializing prescription drugs within the US Market.
Edelman Financial Communications