0001341004-16-001372.txt : 20160429 0001341004-16-001372.hdr.sgml : 20160429 20160429162435 ACCESSION NUMBER: 0001341004-16-001372 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20160429 DATE AS OF CHANGE: 20160429 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Alexza Pharmaceuticals Inc. CENTRAL INDEX KEY: 0001344413 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 770567768 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-82505 FILM NUMBER: 161606969 BUSINESS ADDRESS: STREET 1: 2091 STIERLIN COURT CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 BUSINESS PHONE: 650.944.7000 MAIL ADDRESS: STREET 1: 2091 STIERLIN COURT CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Grupo Ferrer Internacional, S.A. CENTRAL INDEX KEY: 0001623398 IRS NUMBER: 000000000 STATE OF INCORPORATION: U3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: AVENIDA DIAGONAL 549, 5TH FLOOR CITY: BARCELONA STATE: U3 ZIP: E-08029 BUSINESS PHONE: 34-93-600-3716 MAIL ADDRESS: STREET 1: AVENIDA DIAGONAL 549, 5TH FLOOR CITY: BARCELONA STATE: U3 ZIP: E-08029 SC 13D/A 1 sc13da1.htm SCHEDULE 13D, AMENDMENT NO. 1 sc13da1.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13D
 
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
 
ALEXZA PHARMACEUTICALS, INC.
(Name of Issuer)
 
Common Stock, $0.0001 par value
(Title of Class of Securities)
 
015384209
(CUSIP Number)
 
Jorge Ramentol Massana
Grupo Ferrer Internacional, S.A.
Avenida Diagonal 549, 5th Floor
E-08029 Barcelona, Spain
(34) 936003-700
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 
Copy to:
 
Paul T. Schnell, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, New York 10036
(212) 735-3000
 
 
April 29, 2016
(Date of Event which Requires Filing of this Statement)
 
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. x
 
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
 
The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
 
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 
 
 
 
CUSIP No. 015384209
  
13D
  
Page 2 of 6 Pages
         

         
1.
  
NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
 
Grupo Ferrer Internacional, S.A.
    
2.
  
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)    ¨
(b)    ¨
    
3.
  
SEC USE ONLY
 
    
4.
  
SOURCE OF FUNDS (see instructions)
 
N/A
    
5.
  
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)     ¨
    
6.
  
CITIZENSHIP OR PLACE OF ORGANIZATION
 
Spain
    
         
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
  
7.
  
SOLE VOTING POWER
 
0
 
8.
  
SHARED VOTING POWER
 
2,366,935
 
9.
  
SOLE DISPOSITIVE POWER
 
0
 
10.
  
SHARED DISPOSITIVE POWER
 
2,366,935
         
11.
  
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
2,366,935
    
12.
  
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(see instructions)    ¨
    
13.
  
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
10.9%
    
14.
  
TYPE OF REPORTING PERSON (see instructions)
 
CO
    

 
 
 

 
CUSIP No. 015384209
  
13D
  
Page 3 of 6 Pages
         

         
1.
  
NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
 
Sergio Ferrer-Salat
    
2.
  
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a)    ¨
(b)    ¨
    
3.
  
SEC USE ONLY
 
    
4.
  
SOURCE OF FUNDS (see instructions)
 
N/A
    
5.
  
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)     ¨
    
6.
  
CITIZENSHIP OR PLACE OF ORGANIZATION
 
Spain
    
         
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
  
7.
  
SOLE VOTING POWER
 
0
 
8.
  
SHARED VOTING POWER
 
2,366,935
 
9.
  
SOLE DISPOSITIVE POWER
 
0
 
10.
  
SHARED DISPOSITIVE POWER
 
2,366,935
         
11.
  
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
2,366,935
    
12.
  
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(see instructions)    ¨
    
13.
  
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
10.9%
    
14.
  
TYPE OF REPORTING PERSON (see instructions)
 
IN/HC
    

 
 
 
 
         
CUSIP No. 015384209
  
13D
  
Page 4 of 6 Pages
         
         
 
Preamble
 
 This Amendment No. 1 to the Schedule 13D (this “Amendment No. 1”), relating to shares of Common Stock of Alexza Pharmaceuticals, Inc. (the “Issuer”), amends the Schedule 13D filed by Grupo Ferrer Internacional, S.A. (“Grupo Ferrer”) on February 26, 2016 (the “Original Schedule 13D” and, together with this Amendment No.1, the “Schedule 13D”).  Capitalized terms used but not defined in this Amendment No. 1 have the meanings set forth in the Original Schedule 13D.
 
This Amendment No. 1 is being filed to amend Item 4, 5 and 7 of the Schedule 13D as follows:
 
Item 4.  Purpose of Transaction.
 
Item 4 of the Schedule 13D is supplemented as follows:
 
While Grupo Ferrer is continuing and expects to continue to engage in discussions with the Issuer concerning a potential acquisition of all outstanding Issuer Common Shares by Grupo Ferrer, on the basis of such discussions as have been conducted to date and Grupo Ferrer’s related due diligence Grupo Ferrer no longer considers the Letter of Intent (a full copy of which is attached hereto) to represent terms on which it would be willing to undertake such a transaction.  Among other things, Grupo Ferrer expects that any offer it may make in connection with a potential transaction will reflect lower amounts, for both the upfront payment and the payments under the contingent value rights, than those specified in the Letter of Intent, and that the triggering events in respect of the contingent value rights specified in the Letter of Intent will be adjusted.
 
As stated previously, the Letter of Intent does not constitute a binding agreement to consummate any transaction and it entitles Grupo Ferrer to terminate discussions at any time in its sole discretion. There can be no assurance that any transaction will be agreed to or consummated. The Reporting Persons do not expect to further amend this Schedule 13D concerning a potential transaction until such time, if any, as a definitive agreement is reached or discussions have terminated.
 
Item 5.  Interest in Securities of the Issuer.
 
Item 5 (a), (b) are hereby amended and replaced in their entirety with the following language:
 
(a), (b) Grupo Ferrer is, and Sergio Ferrer-Salat may be deemed, the beneficial owner of 2,366,935 Common Shares, representing 10.9% of the outstanding Common Shares.  Each Reporting Person has the shared power to vote or to direct the vote and to dispose or to direct the disposition of such Common Shares.  The Reporting Persons’ ownership percentage is calculated based upon 21,750,615 Common Shares outstanding as of April 26, 2016, as provided by the Issuer.

 
 
 
 
         
CUSIP No. 015384209
  
13D
  
Page 5 of 6 Pages
 

 
Item 7.  Material to Be Filed as Exhibits.
 
Item 7 of the Schedule 13D is amended by replacing Exhibit 99.1 as follows:
 
Exhibit No.
  
Title
     
99.1
  
Non-Binding Letter of Intent, dated as of February 15, 2016, by and between Grupo Ferrer Internacional, S.A. and Alexza Pharmaceuticals, Inc.
     
     
     
     
     
 
 


 
 
 
 
         
CUSIP No. 015384209
  
13D
  
Page 6 of 6 Pages
         
 
SIGNATURE
 
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
 
EXECUTED this 29th day of April, 2016.
 
 
 
GRUPO FERRER INTERNACIONAL, S.A.
   
   
 
/s/ Jorge Ramentol Massana
 
JORGE RAMENTOL MASSANA / Chief Executive Officer



 
SERGIO FERRER-SALAT
   
   
 
/s/ Sergio Ferrer-Salat





EX-99 2 ex99-1.htm EXHIBIT 99.1 - NON-BINDING LETTER OF INTENT ex99-1.htm
Exhibit 99.1


 
Grupo Ferrer Internacional, S.A.
 
Diagonal 549, 5a planta E-08029 Barcelona
Tel. +34 936003700 - Fax +34 933308057
www.ferrer.com
 

February 15th, 2016

Highly Confidential
Alexza Pharmaceuticals Inc.
2091 Stierlin Court
Mountain View, CA 94043
United States

Attention:
  
Ms. Tatjana Naranda
   
Director Business Development & Global Alliance Management

 
Ladies and Gentleman:

Over the course of the last several weeks, Grupo Ferrer Internacional, S.A. (“we” or “Ferrer”) has completed a significant amount of due diligence and continues to evaluate a potential acquisition of Alexza Pharmaceuticals, Inc. (“you” or “Alexza”). Over the last several years, we have developed a close working relationship with Alexza and have strong belief in the eventual success of ADASUVE for patients with agitation. As a result of our belief and recent diligence, we are submitting a preliminary, non-binding letter of intent to acquire all outstanding shares of Alexza as outlined below.

This letter does not constitute a binding agreement by Ferrer or any of our affiliates or subsidiaries to consummate any transaction contemplated herein. As discussions advance we may in our sole discretion and without cause withdraw from or terminate discussions or negotiations at any time with no obligation to Alexza, its shareholders or third parties, and will not be under any legal obligation unless and until a definitive written agreements containing terms and conditions mutually agreeable to all parties have been executed and delivered by all parties intended to be bound.


 
1.
Upfront payment

1.04 usd per share on a fully-diluted basis and cash payments to warrant holders with out-of-the-money warrants based on their Black-Scholes value. This assumes 100% fully-diluted shares.

 
2.
Contingent value rights (“CVRs”)

CVRs based on the achievement of pre-specified events outlined below and are structured to preserve a 251(h) tender offer structure:







R.M.B. 06.10.98, Tomo 31.026, Folio 39, Hoja n° B-184105,
Inscription 1e, N.I.F. A-61738993


 
 
 


 
Grupo Ferrer Internacional, S.A.
 
Diagonal 549, 5a planta E-08029 Barcelona
Tel. +34 936003700 - Fax +34 933308057
www.ferrer.com

 
 
 #
Underlying
Asset
 
Triggering event
Tradeable
(Yes/No)
Expiration
date
Amount
 1
Staccato-based products in development (excluding ADASUVE)
When Ferrer has received a total of 10 million usd in net payments (upfronts, milestones, royalties)
 
No
5 years
3 million usd  (~0.14 usd per share)
           
 2
Staccato-based products in development (excluding ADASUVE)
When Ferrer has received a total of 30 million usd in net payments (upfronts, milestones, royalties)
 
No
10 years
6 million usd  (~0.28 usd per share)
           
 3
Staccato-based products global revenue (including ADASUVE)
 
When the sum of Alexza’s income all Staccato-based products achieve 100 million usd
No
None
0.4usd
per share (~9 million)
 
           
 4
Staccato-based products global revenue (including ADASUVE)
When the sum of Alexza’s income all Staccato-based products achieve 300 million usd
No
None
0.8 usd per share (~17 million)


 
3.
Structure

Tender offer or single-step merger for all of the shares followed by a merger of Alexza into a wholly owned subsidiary of Ferrer pursuant to 251(h) of the General Corporation Law of the State of Delaware.

 
4.
Sources of funds

We have sufficient cash on hand to acquire Alexza in an all-cash transaction.

 
5.
Due diligence requirements

In order to commit a firm and binding offer, Ferrer will conduct a full due diligence process which includes meetings with the management team and key staff of Alexza Pharmaceuticals as well as access to the comprehensive data room comprising all the documents of the company and its subsidiaries.

The Due Diligence would include, but not be limited to, the following:
 
·
Complete financial due diligence,
 
·
Further commercial due diligence,
 
·
Environmental and operational review,
 
R.M.B. 06.10.98, Tomo 31.026, Folio 39, Hoja n° B-184105,
Inscription 1e, N.I.F. A-61738993

 
 
 


 
Grupo Ferrer Internacional, S.A.
 
Diagonal 549, 5a planta E-08029 Barcelona
Tel. +34 936003700 - Fax +34 933308057
www.ferrer.com
 
 
 
·
Assurance that there is proper title to assets and there are no outstanding liens, tax liabilities, operating encumbrances or other items that would impact ongoing operations,
 
·
Relevant diligence around customer base, and intellectual property,
 
·
An understanding of legal and transfer issues required for the transaction, and
 
·
Complete legal & tax due diligence.

 
6.
Approvals and conditions

Our offer has undergone significant review and received the support of our senior management team. Final approval will be provided immediately in advance of signing such that internal approval is not a closing condition.

Our indicative offer is based on:
 
·
The shares will be transferred free of any lien, encumbrance, security or any other third party right or claim,
 
·
The information provided shows a faithful view of the business, activity, organization, structure and financial position of the Company and its subsidiaries,
 
·
The Transaction will be made assuming a normalized working capital,
 
·
The existing operating facilities (including the laboratories and offices) are in good condition and do not require a material injection of capital or investment in order to maintain current condition.
 
·
Comprehensive knowledge and understanding of any commitments assumed by Alexza in regards of royalties and loan notes.

 
7.
Timing
Ferrer believes it can conduct this due diligence in a timely manner, with a target of 20 days from acceptance of this non-binding offer.  We would be willing to negotiate the terms of the definitive transaction documentation on parallel timeline with the due diligence investigation.

 
8.
Additional Information

This letter and the terms herein are confidential and should not be disclosed to anyone other than the shareholders, the management team and its respective advisors.

 
9.
Contact Information

Please contact:

Antoni Villaró via email at avillaro@ferrer.com or telephone at (34)936003787 or (34)618234445
or
Juan Fanés via email at jfanes@ferrer.com or telephone at (34)936003717 or (34)606337891
 
R.M.B. 06.10.98, Tomo 31.026, Folio 39, Hoja n° B-184105,
Inscription 1e, N.I.F. A-61738993

 
 
 


 
Grupo Ferrer Internacional, S.A.
 
Diagonal 549, 5a planta E-08029 Barcelona
Tel. +34 936003700 - Fax +34 933308057
www.ferrer.com

 
We believe that this proposal represents a compelling proposition for Alexza and its stockholders and believe a mutually advantageous transaction can be negotiated and executed expeditiously.  We look forward to working with you to pursue this opportunity for both of our companies.

Sincerely,


/s/ Juan Fanés Trillo
Juan Fanés Trillo
C.F.O.
Grupo Ferrer Internacional, S.A.




Accepted by Alexza Pharmaceuticals, Inc:
/s/ Thomas B. King
17 February 2016
 
R.M.B. 06.10.98, Tomo 31.026, Folio 39, Hoja n° B-184105,
Inscription 1e, N.I.F. A-61738993




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