Case Study:
PE-Backed Pharma Company
Served as Interim CFO for global PE-backed Pharmaceutical Company
A PE-backed global provider of clinical packaging/labeling, storage and logistics, clinical trial material procurement, and program design was experiencing significant financial issues. They had exhausted their revolver, were short on cash, unable to create reporting in a timely fashion, as well several other challenges.
The Solution
Acted as Interim CFO responsible for all finance and treasury functions
Created borrowing base reporting and cash flow management
Worked with board of directors and outside counsel to restructure the balance sheet including replacing the revolver and term loan
Worked with external auditors and outside counsel to negotiate a $15.0MIL non-recourse factoring facility
The Results
Improved cash position and available working capital by $5.0MIL and $18.0MIL, respectively
Worked with the Private Equity partner to negotiate $85.0MIL specialty financing arrangement for international procurement of clinical trial materials
Implemented accounting software and reporting solutions for finance and inventory
Hired and trained permanent finance staff, including Chief Financial Officer
Services & Roles
Turnaround and Restructuring
Interim CFO
Financial Advisory
*Some engagements may have been performed by team prior to joining Harney Partners.
