Showing posts with label Hologic. Show all posts
Showing posts with label Hologic. Show all posts

Sunday, December 30, 2012

K-V Pharmaceutical Receives Court Approval of Hologic Settlement


Clears Path Forward for K-V's Pursuit of Chapter 11 Reorganization Plan
ST. LOUIS, Dec. 28, 2012 /PRNewswire/ -- K-V Pharmaceutical Company ("K-V" or "the Company") today announced that the U. S. Bankruptcy Court for the Southern District of New York, the Honorable Judge Allan L. Gropper presiding, approved the Company's settlement agreement with Hologic, Inc. ("Hologic Settlement"), and authorized the Company to enter into an $85 million debtor-in-possession ("DIP") financing to, among other things, fund the settlement.
"The resolution of the Hologic litigation is a major milestone in our restructuring. Now that it is resolved, K-V can focus on completing all other necessary steps for confirmation of a plan of reorganization and timely emergence from Chapter 11," said K-V President and CEO Greg Divis. "We are committed to our core women's health care business and continue to work closely with our customers to advance the care of the patients we serve."

Thursday, December 27, 2012

K-V Pharmaceutical Approved to Access Loan to Pay Hologic


A judge on Thursday said K-V Pharmaceutical Co. could take out an $85 million loan that will help it pay off a debt to competitor Hologic Inc., a crucial moment for K-V as it inches toward restructuring itself in Chapter 11. ...
Continue reading here

Tuesday, December 11, 2012

KV to pay Hologic $60 million to settle Makena drug dispute


Date: Monday, December 10, 2012, 4:34pm CST
Web Editor- St. Louis Business Journal
KV Pharmaceutical has agreed to pay Bedford, Mass.-based drug firm Hologic Inc. $60 million to settle a dispute over rights to the premature-birth drug Makena, which Hologic sold to KV, according to afiling Monday with the Securities and Exchange Commission.
When KV filed for bankruptcy Aug. 4, itfailed to make a $95 million payment it owed Hologic, which developed the drug. KV agreed to pay Hologic (Nasdaq: HOLX) close to $200 million for “orphan drug” status and to exclusively sell the branded drug for seven years.
Hologic claimed that the value of its interests in the Makena assets were subject to decline and that such interests were not adequately protected. Hologic had filed a proof of claim in the bankruptcy case asserting a claim against KV for $95 million plus certain royalties allegedly owed to Hologic under the asset purchase agreement.
Consummation of the settlement agreement is dependent on KV and its subsidiaries obtaining a debtor in possession (DIP) financing facility and Hologic being paid in full on or prior to Dec. 31. If the bankruptcy court approves the settlement agreement and the DIP facility, and Hologic is paid, all of Hologic’s claims against KV and its subsidiaries, and all of the KV and its subsidiaries’ claims against Hologic, will be released.
Bridgeton-based KV Pharmaceutical (OTCQB: KVPHA/KVPHB) reported a net loss of $102 million on revenue of $23 million for its fiscal year ended March 31.
Source found here

Wednesday, September 19, 2012

Hologic, Inc Has Filed For Relief from the Automatic Stay in K-V Bankruptcy

HOLOGIC, INC.’S has filed a  MOTION FOR RELIEF FROM THE AUTOMATIC STAY.  A hearing on that motion has been set for September 21, 2012, at 10:00 a.m. Eastern Time.  To view the motion, click here.