ACETO CORPORATION (NASDAQ:ACET) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On February 2, 2017, the Board of Directors (the Board) of Aceto
Corporation (the Company) voted to increase the size of the Board
from eight to nine members and appointed Vimal Kavuru, age 48, as
a director to fill the vacancy. Mr. Kavuru is currently a member
of the executive committee of Rising Pharmaceuticals, Inc.
(Rising), a wholly-owned subsidiary of the Company.
As previously disclosed in the Companys Current Report on Form
8-K filed with the Securities and Exchange Commission (the SEC)
on December 21, 2016 (the December 8-K), Mr. Kavuru previously
entered into an employment agreement in connection with his
appointment as a member of Risings executive committee. Mr.
Kavurus biography is included, and his employment arrangements
are described, in the December 8-K. He will not receive any
additional compensation for service as a director of the Company.
Except for the Board Nomination Right disclosed in the December
8-K, Mr. Kavuru was not selected as a director to any arrangement
or understanding with any other person.
Mr. Kavuru is a principal equity owner and executive officer of
entities that own, directly or indirectly, Cedar Pharma LLC
(formerly known as Citron Pharma LLC and referred to herein as
Citron) and Aster Pharma LLC (formerly known as Lucid Pharma LLC
and referred to herein as Lucid). As previously described in the
December 8-K and in the Companys Current Report on Form 8-K dated
November 2, 2016 (the November 8-K), two of Risings wholly-owned
subsidiaries, Rising Health, LLC (formerly known as Romeo Charlie
Acquisition I, LLC and referred to herein as Rising Health) and
Acetris Health, LLC (formerly known as Romeo Charlie Acquisition
II, LLC), acquired certain generic products and related assets
from Citron and Lucid in a transaction that was consummated on
December 21, 2016 (the Prior Acquisition).
Mr. Kavuru is also a principal equity owner and director of
Cronus Research Labs Private Limited, a research and development
company headquartered in India (Cronus). As previously disclosed
in the November 8-K, on November 2, 2016, Rising Health entered
into two amended and restated joint development agreements to
which Cronus has been engaged to develop a portfolio of pipeline
products on behalf of Rising.
Mr. Kavuru was not affiliated with the Company at the time that
the Company or its subsidiaries entered into the above-mentioned
agreements relating to the Prior Acquisition or Cronus. The
descriptions of those agreements in the November 8-K and December
8-K are incorporated herein by reference.
About ACETO CORPORATION (NASDAQ:ACET)
Aceto Corporation (Aceto) is engaged in the marketing, sales and distribution of finished dosage form generic pharmaceuticals, nutraceutical products, pharmaceutical active ingredients and intermediates, specialty performance chemicals inclusive of agricultural intermediates and agricultural protection products. The Company’s business is organized along product lines into three segments: Human Health, Pharmaceutical Ingredients and Performance Chemicals. As of June 30, 2016, it distributed over 1,100 chemical compounds used primarily as finished products or raw materials in the agricultural, coatings and industrial chemical industries. The Human Health segment includes finished dosage form generic drugs and nutraceutical products. As of June 30, 2016, the Pharmaceutical Ingredients segment had two product groups: Active Pharmaceutical Ingredients and Pharmaceutical Intermediates. The Performance Chemicals segment includes specialty chemicals and agricultural protection products. ACETO CORPORATION (NASDAQ:ACET) Recent Trading Information
ACETO CORPORATION (NASDAQ:ACET) closed its last trading session up +0.17 at 18.87 with 976,753 shares trading hands.