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Court Approves Sale of Assets From aaiPharma's Phramceutical Divison

Posted on: Thursday, 14 July 2005, 18:01 CDT

Jul. 13--aaiPharma Inc. on Tuesday announced Xanodyne Pharmaceuticals Inc. was the winning bidder at the conclusion of a Bankruptcy Court-approved auction of substantially all of the assets of aaiPharma's pharmaceuticals division.

According to a company press release, the winning bid provides for a cash purchase price of slightly more than $209 million, approximately $40 million higher than Xanodyne's original "stalking horse" offer that aaiPharma had announced as part of its chapter 11 bankruptcy filing on May 10.

Xanodyne's bid is subject to the Bankruptcy Court's approval. In addition, and as part of its bid, Xanodyne, based in Kentucky, committed to purchase up to $30 million of services to be provided by aaiPharma's Development Services division over the next three years, subject to certain conditions.

The U.S. Bankruptcy Court hearing to approve the sale to Xanodyne is scheduled for Monday in the Bankruptcy Court for the District of Delaware.

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AAII,

Source: Morning Star

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