ABT Molecular Imaging, Inc.

Client Profile

Based in Knoxville, Tennessee, ABT manufactures the BG-75 Biomarker Generator (“BG-75”), a small-footprint cyclotron that produces unit doses of molecular imaging drugs for positron emission tomography (“PET”). The BG-75 is a self-contained system that enables a single user to produce PET biomarkers on-site and on-demand without the need for preexisting or in-depth PET radiochemistry or particle accelerator expertise. With global sales and support personnel, the Company primarily targets scientific or academic research centers in the developed markets as well as the emerging markets where access to the short-lived radioisotopes necessary for PET imaging is costly and limited or non-existent.

Situation

Despite receiving 25 BG-75 orders since 2011, ABT faced continued liquidity challenges due to shifting healthcare dynamics in emerging markets. As a result, the Company was forced to curb critical marketing investments and other operating initiatives. In order to properly capitalize the business and pursue an attractive pipeline of near-term sale opportunities, the Company retained SSG as its exclusive investment banker to assist in the exploration of strategic alternatives.

Solution

In order to effectuate a transaction, ABT filed for Chapter 11 bankruptcy protection in the District of Delaware in June 2018. SSG conducted a comprehensive marketing process to an international universe of strategic and financial buyers. Best’s bid was ultimately determined to be the highest and best price for substantially all of the Company’s assets. SSG’s experience running thorough Chapter 11 sale processes enabled the Company to maximize the value of the assets while preserving the business.