Jun. 20 at 7:29 PM
$TXMD Its going to be interesting to see how the courts decipher Rubric Capital's involvement here. Rubric is heavily invested in both TXMD and Mayne Pharma.
Enough so in TXMD that they are TXMD's 'Parent' company.
And their investment in Mayne Pamra, being a
$27.95M convertible note which helped enable Mayne to license TXMD's products, as part of the
$153M deal.
A convertible note is essentially a loan, which the amount can be converted into shares, at an agreed price, rather a cash repayment. With the BO, Rubric stood to make a sizable fortune on the premium offered by Cosette, that being
$7.40 per Mayne share.
So why is TXMD throwing wrenches into the gears of this BO? Or maybe they suspected ahead of time that the Cosette deal was going to fall apart and got ahead of things with the lawsuit.