MEDICAL DEVICE INDUSTRY
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Negotiated Sale
Key Challenge
Amaranth Medical, Inc: Amaranth was a medical device company which designed & manufactured bioresorbable stents / products for cardiovascular interventions and other nonvascular applications. Onyx executed the negotiated sale of the company & its Singapore based subsidiary Amaranth Medical, PT. Ltd, during an Assignment for the Benefit of Creditors.
Key Takeaway
ONYX prefunded and advanced the budget required to complete the sale process. The sale included substantially all of Amaranth’s assets, including intellectual property (patents, trademarks and clinical data).
Sale Process
Key Challenge
ONYX was retained as the exclusive sales agent in a Chapter 11 sale of 283 new modified / upfitted Jeep Wranglers, with an MSRP of approximately $16 million. Due to a NHTSA safety recall the vehicles could not be sold individually or to end users, necessitating a bulk sale offering to licensed dealers only.
Key Takeaway
In addition to the bulk sale offering, ONYX conducted separate, global on-line auctions of the fabrication and automotive assembly equipment contained within the JRV facility as well as for their after market and custom parts inventory.
Sale
Key Challenge
Owens Precision, Inc.: By order of the US Bankruptcy Court. Since 1978, Owens has been serving the aerospace, defense and process control industries. Owens was a high tolerance custom parts manufacturer serving Fortune 300 companies. Complete 50,000 plus sq. ft. facility closure located in Carson City, NV.
Key Takeaway
ONYX provided the secured lender with a financial minimum guaranteed recovery for the high tolerance custom parts manufacturer. The sale strategy included a negotiated sale format followed by a global, timed online auction of all operating equipment located at the company’s Carson City, NV facility.
Sale
Key Challenge
ONYX was formally engaged as the sales agent for the sale of the analytical laboratory assets of a diabetes drug implant manufacturer, Intarcia Therapeutics. The company had raised nearly $1.75 billion in Venture Capital funding and, at their peak, received a post-money valuation of just over $4.1 billion.
Key Takeaway
ONYX provided Intarcia with a financial minimum guaranteed recovery for the multimillion-dollar cost offering which featured the entire suite of state-of-the-art analytical laboratories located at Intarcia’s Hayward, CA manufacturing facility as part of a complete plant closure. A two-day global online auction was held to facilitate the sale.
Outright Purchase
Key Challenge
Plethora Corporation – Marietta, GA: ONYX, with two strategic partners, executed an out-right purchase of all machinery & equipment and inventory of Plethora Corporation in conjunction with the company’s Assignment for the Benefit of Creditors. The sale was a complete closure of its Marietta, GA facility and featured Late-Model Haas CNC Machining & Turning Centers.
Key Takeaway
Plethora was a leader in on-demand manufacturing of quality custom prototypes and end-production parts used in the defense and aerospace, medical devices, robotics, and automotive industries. The assets were offered in a 2-day auction format.