Commences Voluntary Proceedings under CCAA in Canada and Chapter 11 in the United States
MISSISSAUGA, Ontario, Aug. 10, 2018 /PRNewswire/ -- Aralez Pharmaceuticals Inc. (ARLZ) (ARZ.TO) ("Aralez" or the "Company") 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 Inc. ("Nuvo") in a transaction valued at U.S.$110 million and an agreement to sell its TOPROL-XL® Franchise to its secured lender, certain funds managed by Deerfield Management Company, L.P., in a transaction valued at U.S.$140 million.