Daily News: August 17, 2017

SSG Capital Advises Unilife in Sale of Assets to UNL Holdings


SSG Capital Advisors acted as the investment banker to Unilife Corporation in the sale of substantially all of its assets to UNL Holdings, an affiliate of OrbiMed Advisors and Amgen. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the District of Delaware.

Unilife designs, manufacturers and supplies injectable drug delivery systems for multi-national customers with large molecule drugs.

In 2016, Unilife began focusing exclusively on active and new customer programs in its portfolio of wearable injector systems. However, as a result of the devices not yet being commercially available, revenue was limited causing tightened liquidity. Unilife then implemented significant cost reduction initiatives to decrease additional cash burn necessary to reach commercialization.

SSG was retained in August 2016 to attempt to raise capital and to restructure the company’s balance sheet. As that process played out, it became apparent that a restructuring was not feasible.

As a result, Unilife filed for Chapter 11 protection in the District of Delaware in April 2017. SSG conducted a comprehensive marketing process, which resulted in a broad range of interest primarily from strategic parties. Credit bids from OrbiMed and Amgen on different subsets of collateral were ultimately determined to be the highest and best offers for substantially all of the company’s assets.

OrbiMed is an investment firm focused on the healthcare sector.

Amgen is a biotechnology company that discovers, develops, manufacturers and delivers human therapeutics worldwide for patients with serious illnesses. Amgen offers products for treatment of illnesses in the areas of oncology, hematology, cardiovascular, inflammation, bone health, nephrology and neuroscience.