Aralez to sell assets valued at $250M amid Chapter 11 filing
Specialty pharmaceutical firm Aralez Pharmaceuticals announced today that it intends to enter into purchase agreements with two separate stalking-horse purchasers to sell its main operating businesses: an agreement to sell its Vimovo royalties and Canadian operations to Nuvo Pharmaceuticals in a transaction valued at $110 million and an agreement to sell its Toprol-XL franchise to its secured lender, certain funds managed by Deerfield Management Company in a transaction valued at $140 million.
Aralez is also engaged in ongoing efforts to sell the assets not being sold in either of the proposed transactions and intends to wind down its operations following the consummation of the sales, according to the company.
Aralez, and its Canadian subsidiary, Aralez Pharmaceuticals Canada has elected to commence voluntary proceedings under Canada’s Companies’ Creditor Arrangement Act (the “CCAA”) in the Ontario Superior Court of Justice. Aralez’s subsidiaries incorporated in the United States and Ireland have elected to file voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (together with the CCAA proceedings, the “Restructuring Proceedings”).
“Following a thorough financial and strategic review, we believe that these sales, together with an auction process under court supervision are in the best interests of the Company and its stakeholders,” Aralez CEO Adrian Adams, said in a press release statement.
Aralez, together with its subsidiaries, intends to seek and obtain customary relief from the courts to permit it to continue to operate its business in the ordinary course without interruption during the sale process.
Rite Aid rolls out seasonal flu shots
Ahead of flu season, Rite Aid on Friday announced the availability of seasonal flu shots at more than 2,500 of its pharmacies. The company said that on the heels of a vicious flu season, earlier is better for immunization.
“Last year’s flu season was one of the most severe seasons in recent years, with high flu activity across the country and a record number of flu-related hospitalizations,” said Jocelyn Konrad, Rite Aid executive vice president of pharmacy. “Since we can’t predict what this flu season will be like, we urge everyone to get a flu shot at Rite Aid today, because getting vaccinated is the easiest and most effective way to fight the flu.”
Rite Aid is offering a quadrivalent flu vaccine, which protects against four strains of flu — A H3N2, A H1N1 and two strains of influenza B virus. It also offers a trivalent vaccine and Fluad, a trivalent vaccine with adjuvant, which helps boost the immune response to vaccination and is approved for patients 65 years old and older.
Rite Aid said the Centers for Disease Control and Prevention recommend everyone six months old and older get a flu vaccination. In particular, older patients, people with diabetes, pregnant women and patients with asthma and other chronic lung disease, as well as patients with kidney and liver disorders, heart disease and those with compromised immune systems.
CoverMyMeds: Many scripts unfilled due to high cost of medications
Seventy-five percent of patients have been prescribed a medication that cost more than they expected, and 50% did not fill the prescription because of the high cost, according to research from the 2018 Real-Time Benefit Check National Adoption Scorecard, published by CoverMyMeds, which is part of McKesson Prescription Technology Solutions.
The report utilizes new survey data, market research and industry statistics to present a comprehensive overview of real-time benefit check, a technology innovation that surfaces patient-specific prescription benefit details at the point of prescribing. The 2018 Real-Time Benefit Check National Adoption Scorecard introduces original research conducted by CoverMyMeds in partnership with SHC Universal and Research Now.
“With high-deductible plans on the rise, many patients are required to pay more for their medications before they meet their deductible. Patients also have limited visibility into the cost of their prescription prior to leaving the provider’s office, and as a result, are more likely to abandon their prescription at the pharmacy,” University of Virginia Health System pharmacy patient medical access principal coordinator Melissa Paige said, in a press statement. “Real-time benefit check solutions can drive better adherence by providing visibility into medication costs at the point of prescribing. And, as the 2018 Real-Time Benefit Check National Adoption Scorecard reveals, these solutions must be accurate, reliable and have the ability to provide a full picture of the patient’s benefit information.”
The report also found the following:
- Thirty- seven percent of patients stopped taking a medication because it was too expensive.
- Seventy- four percent of providers agree that it would be valuable to know about available patient assistance programs at the point of prescribing.
- Eighty-three percent of electronic health records are committed to providing a real-time benefit check solution to providers at the point of care.