03/24/2020 | Press release | Archived content
Dechert corporate partner David Rosenthal and alumnus Michael Sage, formerly a partner in the firm's financial restructuring practice, have been named 'Dealmakers of the Year' for 2020 by The American Lawyer for conceiving and executing an innovative life sciences restructuring deal.
The duo led a Dechert team that helped secure a new lease on life for Pennsylvania-based pharmaceuticals manufacturer Egalet Corporation (now known as Zyla Life Sciences) through the acquisition of four non-narcotic pain products from Iroko Pharmaceuticals. The transaction was carried out while Egalet was under the protection of Chapter 11 of the United States Bankruptcy Code in the District of Delaware. The company secured support for its Chapter 11 plan from 100% of secured noteholders and 85% of convertible noteholders, the two main creditor groups, allowing it to emerge from bankruptcy protection just ten weeks later.
The innovative deal was also recognized by The M&A Advisor as 'Chapter 11 Reorganization of the Year (US$100 million-US$500 million)' in the publication's 14th Annual Turnaround Awards in December 2019.
The cross-practice Dechert team advising Egalet/Zyla Life Sciences also included corporate associate John Alessi; restructuring partner Brian Greer; restructuring counsel Stephen Wolpert, and restructuring associates Alaina Heine, Yehuda Goor and Cara Kaplan; intellectual property partner Thomas Rayski; tax partner Joshua Milgrim; and antitrust counsel Beverly Ang and associate Michael Okkonen.
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