Amneal to eliminate Up-C structure, form NewCo; expects $30M annual tax-distribution savings

Amneal Pharmaceuticals, Inc.

Binding term sheet executed Oct. 16, 2023 to reorganize into single-class structure via new Delaware holding company (NewCo).
All existing Class A and Class B shares convert to NewCo Class A common stock; target completion November 2023.
Six-month 2023 tax-related cash distributions were $30M; elimination expected to improve cash flows and reduce debt.
Tax Receivable Agreement amended: Amneal Legacy Group's share of tax savings reduced from 85% to 75%; no cash consideration.
NewCo to trade under same ticker AMRX on NYSE; management and board unchanged.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Amneal Pharmaceuticals, Inc. entered into Term Sheet with holders of the Company's Class B Common Stock (the (effective 2023-10-16).

Action: entry
Counterparty: holders of the Company's Class B Common Stock (the
Effective: 2023-10-16

Exact text from the filing

On October 16, 2023, Amneal Pharmaceuticals, Inc. (the “Company”), Amneal Pharmaceuticals LLC (the “LLC”), and a representative (the “Amneal Group Representative”) of holders of the Company’s Class B Common Stock, par value $0.01 per share (the “Amneal Legacy Group”), executed a binding term sheet (the “Term Sheet”)

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Amneal Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-257254

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