Vernalis PLC is exploring strategic options, including the potential sale of the company.
As part of a strategic review, the U.K.-based pharmaceutical company is seeking offers and appointed Evercore as its financial adviser for the process. The company's board aims to conclude the review Sept. 30.
Vernalis will close its U.S. commercial sales and marketing operations by September-end. Before the closure, the company will consider options for the continued commercialization of cough treatment Tuzistra, including co-promotion, out-licensing or sale of the new drug application.
The U.S. commercial business will continue to employ all staff until mid-May, with some of them staying until the end of September.
Vernalis also began talks with pharmaceutical company Tris to terminate its interest in their cough-cold development programs CCP-05, -06, -07 and -08.
The company discontinued all activities related to securing a new supply source for its antibiotic Moxatag. However, product distribution will continue while the company examines options for the drug's future promotion.
Ian Garland will continue to serve as CEO until completion of the U.S. restructuring and "will lead the efforts to realize value for shareholders from the remaining business" over the same period. He will step down as CEO and a director at the end of that process. David Mackney will also remain with the company until both activities are complete and then step down from his role as CFO and a member of the board.
The company will provide an update on the restructuring March 28, when it reports its half-year earnings.
