Aceto Claims Aurobindo Caused Its Collapse
Aceto has blamed Aurobindo for its downfall, alleging a series of calculated and deceitful actions that have critically wounded the US group’s pharma business. Aurobindo has strongly denied the charges.
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India's Aurobindo says it is betting its $1bn purchase of Sandoz' US dermatology assets will help “really fuel growth” and that the company's biggest acquisition should be wrapped up in eight to 12 weeks.
Aceto has terminated William Kennally’s tenure as president and CEO of the struggling US firm, following deals struck to divest its Rising Pharmaceuticals generics business and chemicals unit as part of bankruptcy proceedings. Meanwhile, the Nasdaq listing has confirmed that Aceto will be delisted in mid-June.
Struggling US firm Aceto has filed Chapter 11 bankruptcy petitions at the same time as agreeing to divest its chemicals business assets for US$338 million, with plans to also offload its Rising Pharmaceuticals unit.