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K-V Pharmaceutical And Orphan Drug Makena: In The News Again

November 19, 2012

       On October 26, 2012, K-V Pharmaceutical in a filing with the US Bankruptcy Court in New York City : 

      –  Asks for an extension to file a reorganization plan; currently, the ability to file a reorganization plan expires on December 3, 2012 

      –  Asks for an extension to solicit votes on this plan; currently, the ability to get acceptances or votes on this reorganization plan expires on January 31, 2013. 

       On November 16, 2012, per a Law360.com article titled, “K-V Pharma Wins 3 More Months To File Ch. 11 Plan”, a New York bankruptcy judge grants K-V Pharmaceutical their request for an extension of the exclusivity period. K-V Pharmaceutical now has until February 4, 2013, to file a Chapter 11 plan. 

        US Bankruptcy Judge Allan L. Gropper grants K-V Pharmaceuticals’s request for an extension of the exclusivity period for filing a plan by 3 months, overruling an objection by Hologic Inc. The exclusivity period for soliciting plan acceptances is now set to expire April 5, 2013. 

        Some background on K-V Pharmaceutical and Hologic Inc. : 

          Hologic Inc (a K-V Pharmaceutical creditor) asks a New York bankruptcy judge on September 5, 2012, to lift the automatic stay against K-V Pharmaceutical so it can pursue its rights with respect to its 1st lien on K-V Pharmaceutical’s biggest asset, Makena, saying its value is declining (Chapter 11 Case No: 12-13346 (ALG), Filed 09/05/12, US Bankruptcy Court Southern District of New York). Hologic Inc says K-V Pharmaceutical’s mismanagement is decreasing Makena’s value and wants to reacquire its rights to the drug. K-V Pharmaceutical owes Hologic Inc $95 million from the sale. 

         K-V Pharmaceutical files in US Bankruptcy court in New York on September 20, 2012, accusing Hologic Inc of “attempting to derail its restructuring efforts in order to reacquire the worldwide rights to Makena”. K-V Pharmaceutical says Hologic Inc is wrong about the mismanagement.  Also, per K-V Pharmaceutical, Makena’s market share and revenue are increasing due to recent negotiation strategies with state Medicaid agencies.        

References 

Fulbright & Jaworski LLP’s The Brand Protection Blog’s November 14, 2012 article titled, “K-V Pharmaceuticals Calls Upon the ITC To Defend its Makena Brand”  

Copyright © 2012-2013, Orphan Druganaut Blog.  All rights reserved.

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