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Joele Frank shop is handling today’s bankruptcy filing of Insys Therapeutics, which agreed last month to pay a $225M federal settlement connected to the sales of its Subsys opioid drug.
The Chapter 11 filing is to facilitate the sale of assets and address legal liabilities, says the company.
Following a review of strategic alternatives, CEO Andrew Long determined that court-supervised sales of assets is the best route for a “fair and transparent” process.
The Wall Street Journal reports the bankruptcy petition acknowledges that the federal government won’t be paid in full. Insys will petition the judge to cap the federal proceeds from the asset sale at $190M.
Joele Frank, Wilkinson Brimmer Katcher’s Michael Freitag, Matthew Gross and Andrew Squire are working the account.
They are assisted by Jackie Marcus and Chris Hodges from Alpha IR Group.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
C Street Advisory Group handles strategic communications duties for American Signature Inc. as the Columbus-based home furnishings retailer declares Chapter 11.
Collected Strategies handles Exact Sciences as the cancer screening leader is acquired by Abbott in a deal with an enterprise value of $23B.
Joele Frank represents Philadelphia-based Axalta Coating Systems as it agrees to merge with Amsterdam’s AkzoNobel in a deal valued in the $25B range.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
