Business
Assertio Therapeutics Announces First-Quarter 2020 Results
-- Completed Strategic Asset Sales of NUCYNTA® Franchise and Gralise® Totaling $502.5 Million -- -- Repaid Senior Secured Debt in Full and Successfully
About this update from Assertio Holdings, Inc.
[{"type":"text","content":"-- Completed Strategic Asset Sales of NUCYNTA® Franchise and Gralise® Totaling $502.5 Million --\n -- Repaid Senior Secured Debt in Full and Successfully Tendered for Convertible Debt -- -- Merger with Zyla Life Sciences On Track and Expected to Close Shortly After the Company’s 2020 Annual Meeting on May 19, 2020 -- LAKE FOREST, Ill., May 11, 2020 (GLOBE NEWSWIRE) -- Assertio Therapeutics, Inc. (“Assertio” or the “Company”) (NASDAQ: ASRT) today reported financial results for the quarter ended March 31, 2020 and provided an update on its business performance and strategic initiatives. First-Quarter Financial Highlights:(unaudited) First Quarter 2020(in millions, except earnings per share)GAAPNon-GAAP(1)Total Revenues$20.9—Net Income$41.2$10.3Earnings Per Share$0.58$0.10Adjusted EBITDA—$6.1 (1) All non-GAAP measures included in this earnings release are reconciled to the corresponding GAAP measures in the schedules attached. “Today we reported positive results in a truly transformative quarter for Assertio, one in which we strategically divested assets, repaid our debt, and announced a merger agreement with Zyla Life Sciences. These bold steps position the new Assertio as a company with a diversified and growing portfolio, low leverage and as a result well positioned to add differentiated products through acquisitions and partnerships,” said Arthur Higgins, President and CEO of Assertio. “With the transformation of Assertio now well in place, I am looking forward to my new role as non-executive chairman at the close of the merger, where I will work with the Assertio Board and its Leadership to achieve our vision of becoming a leading specialty pharmaceutical company.” First-Quarter Business Highlights: Merger Agreement with Zyla Life Sciences: On March 16, 2020, the Company announced it had entered into a definitive merger agreement with Zyla Life Sciences (Zyla) (OTCQX: ZCOR). The Merger will create a leading commercial pharmaceutical company with neurology, inflammation and pain products. The combined company will have a leading portfolio of branded non-steroidal anti-inflammatory drugs (NSAIDs) commonly used by neurologists, orthopedic surgeons, internists, women’s health providers, podiatrists and pain care specialists. The new company will have the platform, profitability and financial strength to both grow its existing port...