Contact

  • | Corporate, Inside information, Regulated information

Mithra updates on its ongoing monetization process

  • Mithra applies to the Liege Company Court for a “transfer under judicial supervision” for the Mithra CDMO.
  • Mithra applies to the Liege Company Court for the opening of “judicial reorganization” to reach an amicable agreement with its creditors and restructure the debt of Novalon SA (a Mithra subsidiary).
  • Mithra, in agreement with its senior secured lenders, uses the proceeds from the sale of its shares in Mayne Pharma to prepay loans, accrued interests and an “option prepayment amount” owed to Mithra’s senior secured lenders.
  • Mithra received approval from the relevant authorities for either part-time or full-time temporary unemployment for a portion of the workforce.

 

Liege, Belgium, 28 March 2024 – 08:00 CET – Mithra (Euronext Brussels: MITRA), a company dedicated to women’s health, today announces that its monetization process is progressing, including through the launch of several initiatives. The monetization process, which was announced on 05 March 2024, includes the sale of selected Mithra assets, in particular Estetra SRL, and/or the company as a whole and aims to maximize value for all Mithra stakeholders.

Recent developments include Mithra’s application today to the Liege Company Court for a “transfer under judicial supervision” for Mithra’s CDMO in Flémalle, Belgium. This transfer would protect the company’s activities from its creditors and provide for a court-appointed liquidation expert to conduct the negotiations with bidders and select the best offer, taking a balanced account of the interests of the company, its creditors, and its employees. In doing so, the transfer aims to facilitate and accelerate an M&A process for the CDMO facility.

Mithra announces that it has also applied for the opening of judicial reorganization proceedings to reach an amicable agreement with its creditors and restructure the debt of Novalon SA, its complex therapeutics business. This procedure would involve getting selected creditors to a debt restructuring that will be sanctioned by the court.

To implement these two procedures, Mithra has asked the Liege Company Court to grant a stay of execution against all its creditors for two months from the date of the forthcoming decision.

The chosen procedures were carefully considered by management and the company advisors as the best options to ensure the continuity of Mithra’s activities and offer the best outcomes for its employees and creditors.

The two procedures will enable Mithra to facilitate the ongoing monetization process.

In addition to the above, Mithra, in agreement with its senior secured lenders, applied the proceeds from the sale of its shares in Mayne Pharma to prepay loans, accrued interests and an “option prepayment amount” payment owed to Mithra’s senior secured lenders. As announced on 15 February 2024, the Mayne Pharma shares were pledged for the benefit of Mithra’s secured lenders and was held in escrow by the appointed security agents of Mithra’s lenders, until the use of proceeds had been determined by Mithra in agreement with the lenders. All funds were transferred from the escrow account to the lenders on 08 March 2024.

Also, the company received approval for either part-time or full-time temporary unemployment on 15 March 2024 for 55% of the workforce across the Mithra group companies. This measure aims to optimize operational costs and ensure financial stability while assuring income support for impacted employees. Temporary unemployment measures began for affected employees on 25 March 2024.

Furthermore, progress has been made in identifying potential buyers for the acquisition of various selected Mithra’s assets with the expert assistance of Stifel Investment Bank, which is supporting the company’s monetization process across its assets. Several discussions are progressing with interested buyers. The company will keep stakeholders updated as the monetization process progresses.

Mithra remains committed to executing its monetization process with diligence and transparency and will continue to update the market and its stakeholders as appropriate.

Download press release

PDF version

Share it

Latest news

View all

Don't miss our news

Get the latest news: subscribe to our newsletter!

Subscribe
Go to Newsroom
Contact

Disclaimer

Please read this carefully as it applies to all persons who visit this website. The following pages contain information relating to an offering and/or admission to trading on a regulated market in relation to securities of Mithra Pharmaceuticals SA ("Mithra Pharmaceuticals"). This information may not be accessed by residents of certain countries based on applicable securities law regulations. Accordingly, if you wish to access this part of the website you must first inform yourself about and then observe the statutory and regulatory requirements applicable to you and to your jurisdiction. In order to establish whether or not you may view the information and documents please read the disclaimer below in full.

THIS WEBSITE AND THE MATERIALS CONTAINED THEREIN ARE NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE PROHIBITED BY APPLICABLE LAW.

This website and the information contained herein or to which it gives access are not intended for, and may not be accessed by, or distributed or disseminated to, persons resident or physically present in the United States of America (including its territories, the "United States"), Australia, Japan or South Africa, and do not constitute, or form part of, an offer or invitation to sell or issue, or a solicitation of an offer or invitation to purchase or subscribe for, nor shall there be any sale or purchase of, any securities of Mithra Pharmaceuticals in the United States, Australia, Japan or South Africa or in any other jurisdiction in which such offer, invitation, solicitation, sale, issue, purchase or subscription would be unlawful prior to registration, unless an exemption from registration or qualification under the securities laws of any such jurisdiction is applicable. The securities of Mithra Pharmaceuticals referred to on this website have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act. There will be no public offering of Mithra Pharmaceuticals' securities in the United States.

All persons residing outside of the United States, Australia, Canada, Japan and South Africa who wish to access the documents contained on this website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this website, or require registration or approval for any acquisition of securities by them. Mithra Pharmaceuticals assumes no responsibility if there is a violation of applicable law and regulations by any person.

No action has been taken by Mithra Pharmaceuticals that would permit an offer of Mithra's securities or the possession or distribution of the materials to which this website gives access or any other offering or publicity material relating to Mithra's securities in any jurisdiction where action for that purpose is required.

Mithra Pharmaceuticals has not authorised any public offering in any Member State of the European Economic Area. With respect to any Member State of the European Economic Area that has implemented Regulation 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, as amended from time to time (together with any applicable implementing measures in such Member State, the "Prospectus Regulation"), this website and the information contained herein, or to which it gives access, is only addressed to, and is only directed at, qualified investors in that Member State within the meaning of the Prospectus Regulation.

In addition, in the United Kingdom, this website and the information contained herein, or to which it gives access, is addressed to, and directed only at: (a) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), and (b) high net worth entities, and other persons to whom they may otherwise lawfully be communicated, falling within article 49(2) of the Order (all such persons together being referred to as "Relevant Persons"). In the United Kingdom, any investment or investment activity to which this website and the information contained herein, or to which it gives access, relates, is available only to Relevant Persons and will be engaged in only with Relevant Persons. Any person in the United Kingdom who is not a Relevant Person should not act or rely on this website and the information contained herein, or to which it gives access.

If you are not permitted to view materials on this website or are in any doubt as to whether you are permitted to view these materials, please exit this webpage. Access to electronic versions of these materials is being made available on this webpage by Mithra Pharmaceuticals in good faith and for information purposes only.

By checking the acceptance box below, you confirm and certify that: You are not a resident of or physically present in the United States, Australia, Canada, Japan or South Africa or any other restricted jurisdiction, and that you are either: (a) a resident of, and domiciled in, a Member State of the European Economic Area and a qualified investor within the meaning of the Prospectus Regulation, (b) a resident of, and domiciled in, the United Kingdom, a qualified investor within the meaning of the Prospectus Regulation and a Relevant Person, or (c) otherwise authorised to access this information pursuant to applicable laws or regulations.

Abort