Inyx Inc. 825 Third Avenue 40th Floor New York, NY 10022
Outstanding Shares: 53,106,650
as of Aug 11, 2006
Tender Offer=3-25-07 by Chairman & CEO Jack Kachkar & a strategic outside investor to take the company private at $3.01 cash per sh.
The troubles first kicked off for Inyx Inc.'s two UK units when on 28 June it was announced that they were forced into administration by Inyx Inc.'s financier Westernbank Puerto Rico, due to insolvency, i.e. they owed more money than they were capable of paying back, a reported $46m for Inyx Pharma and $54m for Ashton.
Westernbank sent a letter to the two manufacturing firms, along with Inyx Europe, which is an intermediate holding company that owns and operates Ashton Pharma, alleging that the three firms "were in default under the loan and security agreements," it was reported in the Securities and Exchange Commission (SEC) filing at the time.
In addition to the Chapter 11 protection, on June 29, 2007
, Inyx, Inc. and Inyx USA , together with Dr. Kachkar and his wife, filed suit against Westernbank
in New York State Supreme Court , asserting various causes of action seeking no less that $500 million in compensatory damages as well as punitive damages
. The complaint charges, among other things, that Westernbank acted in bad faith and in a commercially unreasonable manner by blocking the flow of funds from Inyx's customers to the company, and preventing the Inyx companies from paying their debts. The complaint asserts causes of action for breach of contract and breach of the implied covenant of good faith and fair dealing, promissory estoppel, wrongful dishonor of checks, wrongful impairment of collateral, tortious interference or impairment with prospective business relations, and third-party beneficiary of contract and tortious interference with contracts and prospective business relations.
With Inyx USA out of action, it is believed that only around four other contract manufacturers in the world have the capability to commercially make and fill HFA devices - US-based Xemplar Pharmaceuticals, 3M and Catalent, (formerly Cardinal Health), along with UK-based Pharmaserve North West (which incidentally just bought an insolvent Inyx UK site partly to gain this new capability).
Meanwhile, only GlaxoSmithKline (GSK), Schering-Plough, AstraZeneca and Boehringer Ingelheim, as well as a couple of smaller firms such as SkyePharma, have also developed this new cabability in-house for their own products. Both Kos and King previously tried to develop the process in-house but were unsuccessful and discontinued these efforts long ago.
"Any company wanting to move into this area of manufacturing would need at least five years to develop the expertise required. There are also not a lot of trained people in this field and most of those that are work for big pharma companies," Charles Eck, president of Xemplar told In-PharmaTechnologist.com in an earlier interview.
Inyx Pharma is now under new management, with the entire business, including assets and staff, being sold as a going concern to a company called Pharmaserve North West on September 13. The deal ends months of nervous twitching from all those with a vested interest in the site, from employees, to customers, suppliers and investors.
The new owners are said to have bagged a bargain. An industry source told Outsourcing-Pharma.com that there had been four companies placing bids on the site, although this remains unconfirmed by the administrators.
22-Nov-2007 - Recipharm has come to rescue of UK-based Ashton Pharma, which has been nervously awaiting to discover its fate, having spent five months in administration after its former owners Inyx Inc. suffered major financial woes.
Outsourcing-Pharma.com has learned that the Swedish contract manufacturing organisation (CMO) bought the troubled firm for an undisclosed sum in a deal that closed late last night.
The firm said that the purchase brings additional capacity and capabilities to the group for solid dose, sterile ampoules and vials as well as inhalation technology, as well as "a significant presence in one of Europe's major pharmaceutical markets".
Roy Bailey and David Duggins from Ernst & Young (EY) were then appointed by the UK courts as joint administrators to the three companies. At the time they confirmed that "Both facilities are good profitable businesses… and any buyers would take on the assets and employee liabilities, while the administrators would pay off the companies' debts using the money from the sale."
King and Inyx Establish Ten-Year Co-Marketing Collaboration for King's Intal and Tilade Respiratory Products
08 September 2005 10:50
When Inyx Inc. bought Aventis
' manufacturing facility in Manati, Puerto Rico in 2005, which was subsequently named Inyx USA, it also took over some of Aventis' manufacturing contracts at the site, along with those of two of its existing customers, King Pharmaceuticals and Kos Pharmaceuticals (now owned by Abbott
Both King and Abbott were asked by Outsourcing-Pharma.com to comment, however, they failed to do so before the time of publishing. There has been talk of Abbott being interested in buying the facility, although an Abbott spokesperson previously told Outsourcing-Pharma.com: "We do not comment on rumours".
FORM 3--- 06/09/2008 DEUTSCHE BANK AG buy to Rajaratnam Raj 6,095,000 shares