RVL Subsidiaries To Effectuate Change Of Control; RVLP Ordinary Shares Expected To Be Cancelled

(RTTNews) - RVL Pharmaceuticals plc (RVLP) announced that certain of its U.S. operating subsidiaries, RevitaLid Pharmaceutical Corp., RVL Pharmaceuticals, Inc. and RVL Pharmacy, LLC, have reached an agreement with their sole secured lenders, funds managed by Athyrium Capital Management, and other key stakeholders, to effectuate a change of control transaction through prepackaged bankruptcy cases commenced in the United States Bankruptcy Court for the District of Delaware. The reorganization provides a structured pathway for the RVL Subsidiaries to significantly reduce their debt, and position themselves under new ownership.

As a result of the reorganization, RVL is expected to commence the wind-down of any remaining operations of RVL Pharma and its subsidiaries, other than the RVL subsidiaries. RVL's public equity is expected to be cancelled upon completion of its wind-down, anticipated to be during 2024, likely resulting in no recovery to public shareholders.

RVL Pharmaceuticals plc is a specialty pharmaceutical company focused on the commercialization of UPNEEQ, 0.1%, for the treatment of acquired blepharoptosis, or droopy eyelid, in adults. The reorganization will enhance the RVL subsidiaries' ability to invest in UPNEEQ, the company said.

Shares of RVL Pharmaceuticals are down 47% in pre-market trade on Thursday.