New York pharmaceutical firm files for bankruptcy protection

Aceto Corp., a New York-based firm developing and selling human health products, pharmaceutical ingredients and performance chemicals, has filed for Chapter 11 bankruptcy.

The drugmaker entered into an asset purchase agreement with an affiliate of New Mountain Capital, an investment firm. Under the agreement, Aceto will sell its chemicals business for $338 million in cash, plus assumption of liabilities.

In addition, Aceto intends to enter into a stalking-horse agreement for its subsidiary, Rising Pharmaceuticals.

Aceto will continue operations as it works to sell its assets.

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