Just one day after selling off its assets, women's health company TherapeuticsMD revealed that all 212 of its employees will be "permanently terminated."
Earlier this week, Florida-based TherapeuticsMD announced that it had entered into definitive agreements to license several products to an affiliate of Australia-based Mayne Pharma Group for commercialization in the U.S. Per the deal, TherapeuticsMD received an upfront cash payment of $140 million for the license grant and sale of certain assets, plus an additional approximately $13.1 million for acquired net working capital.
The deal enabled the company to repay in full its debt to Sixth Street Partners and redeem preferred stock from Rubric Capital Management. At the time of the deal, TherapeuticsMD said it would continue as a "pharmaceutical royalty company."
Now, according to a WARN notice, all employees will be terminated, including the executive suite, by Dec. 23, 2022.
