Novelion Therapeutics Provides Update on Liquidation Process

VANCOUVER, British Columbia, Sept. 30, 2020 (GLOBE NEWSWIRE) --  Novelion Therapeutics Inc. (“Novelion” or the “Company”) by Alvarez & Marsal Canada Inc., Novelion’s court appointed liquidator (the “Liquidator”) today provides an update on the Company’s voluntary liquidation process (the “Liquidation”) that started on January 16, 2020 (the “Effective Date”).

Liquidation Update

The Liquidator continues to believe that it will be able to complete a distribution in the fourth quarter of 2020, subject to the resolution of claims and other ongoing administrative matters including the finalization of tax returns and related matters in Canada and the U.S., but will provide further information to shareholders in the coming weeks.

Shareholders and other interested parties should visit www.alvarezandmarsal.com/novelion for continuing information about Novelion, the Liquidation and related matters.

Novelion Assets and Amryt Shares

As announced on September 25, 2019, Amryt Pharma plc (“Amryt”) acquired 100% of the outstanding equity interests of Novelion’s former operating subsidiary, Aegerion Pharmaceuticals, Inc. (“Aegerion”), as contemplated in Aegerion’s First Amended Joint Chapter 11 Plan (the “Aegerion Transaction”). In the Aegerion Transaction, reorganized Aegerion became a wholly-owned subsidiary of Amryt, and Novelion received American depository receipts (“ADRs”) representing approximately 14.0 million ordinary shares of Amryt (the “Amryt Equity”) in full satisfaction of Novelion’s claims as creditor under the secured intercompany loan between Aegerion and Novelion.

The custodian holding the ADRs confirms that Novelion currently holds 2,498,050 ADRs representing approximately 12.49 million ordinary shares of Amryt.

In addition, Novelion holds certain limited royalty interests and equity interests in subsidiaries that carry on no active business and, aside from cash in an amount not exceeding USD$5,000, are not known to hold any material assets. As of August 31, 2020, the Liquidator, on behalf of the Company, holds cash in its trust accounts of CAD$29,319.71 and USD$333,716.25.

Registered shareholders on the Company’s stock transfer books (“Registered Holders”) as of the Effective Date will be entitled to a pro-rata share of any distribution to shareholders in the Liquidation. The Liquidator will distribute any remaining ADRs or Amryt Equity (which is publicly traded and subject to volatility), or net proceeds therefrom, and any remaining cash assets to Registered Holders of the Company’s shares in connection with the completion of the Liquidation process. The Liquidator continues to expect that any distributions made in connection with the Liquidation will consist almost entirely of ADRs or Amryt Equity or net proceeds therefrom, net of any sales of ADRs or Amryt Equity that are necessary to fund the Company’s liabilities and cover the expenses of the Liquidation.