Currax Holdings LLC’s $75.6 Million Acquisition Of Pernix Assets


Davis Polk advised Pernix Therapeutics Holdings, Inc. in connection with the sale of substantially all of its assets to Currax Holdings LLC, an entity formed by affiliates of Highbridge Capital Management, LLC, for approximately $75.6 million, plus the assumption of certain liabilities.

The sale was consummated through Pernix’s Chapter 11 bankruptcy.

The sale of substantially all of Pernix’s assets through an accelerated in-court process was enabled by a comprehensive settlement negotiated among Pernix, Highbridge and the official committee of unsecured creditors appointed in Pernix’s bankruptcy and approved by the court on April 4, 2019. Pernix is pursuing confirmation of a plan of liquidation reflecting the settlement’s material terms.

Pernix is a specialty pharmaceutical company, based in Morristown, New Jersey. Pernix’s core branded products included Zohydro ER with BeadTek, Silenor and Treximet.

Guggenheim Securities, LLC served as Pernix’s investment banker and Ernst & Young LLP served as its financial adviser. Landis Rath & Cobb LLP served as Pernix’s Delaware counsel.

The Davis Polk restructuring team included partners Marshall S. Huebner and Eli J. Vonnegut (Picture) and associates Christopher Robertson and Erik Jerrard. The corporate team included partner Michael Davis and associate Abraham Einhorn. The credit team included partner Jinsoo H. Kim and counsel Andrei Takhteyev. The litigation team included partner Elliot Moskowitz and associate Olga Kogan.

Involved fees earner: Michael Davis – Davis Polk & Wardwell; Abraham Einhorn – Davis Polk & Wardwell; Marshall Huebner – Davis Polk & Wardwell; Erik Jerrard – Davis Polk & Wardwell; Jinsoo Kim – Davis Polk & Wardwell; Olga Kogan – Davis Polk & Wardwell; Elliot Moskowitz – Davis Polk & Wardwell; Christopher Robertson – Davis Polk & Wardwell; Andrei Takhteyev – Davis Polk & Wardwell; Eli Vonnegut – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Pernix Therapeutics Holdings Inc;

Author: Ambrogio Visconti