0000902664-20-001053.txt : 20200213 0000902664-20-001053.hdr.sgml : 20200213 20200213162346 ACCESSION NUMBER: 0000902664-20-001053 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200213 DATE AS OF CHANGE: 20200213 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Zyla Life Sciences CENTRAL INDEX KEY: 0001586105 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 463575334 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-87969 FILM NUMBER: 20610931 BUSINESS ADDRESS: STREET 1: 600 LEE ROAD STREET 2: SUITE 100 CITY: WAYNE STATE: PA ZIP: 19087 BUSINESS PHONE: 610-833-4200 MAIL ADDRESS: STREET 1: 600 LEE ROAD STREET 2: SUITE 100 CITY: WAYNE STATE: PA ZIP: 19087 FORMER COMPANY: FORMER CONFORMED NAME: Egalet Corp DATE OF NAME CHANGE: 20130906 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: HIGHBRIDGE CAPITAL MANAGEMENT LLC CENTRAL INDEX KEY: 0000919185 IRS NUMBER: 134131516 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 277 PARK AVE STREET 2: 23RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10172 BUSINESS PHONE: 2122874900 MAIL ADDRESS: STREET 1: 277 PARK AVE STREET 2: 23RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10172 FORMER COMPANY: FORMER CONFORMED NAME: HIGHBRIDGE CAPITAL MANAGEMENT INC /NY DATE OF NAME CHANGE: 19980610 FORMER COMPANY: FORMER CONFORMED NAME: DUBIN & SWIECA ASSET MANAGEMENT INC DATE OF NAME CHANGE: 19950817 SC 13G/A 1 p20-0525sc13ga.htm ZYLA LIFE SCIENCES

 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
_______________________
 
SCHEDULE 13G/A
_______________________
 
Under the Securities Exchange Act of 1934
 
(Amendment No. 3)*
 
Zyla Life Sciences

(formerly known as Egalet Corporation)

(Name of Issuer)
 

Common Stock, par value $0.001 per share

(Title of Class of Securities)
 

98986F108

(CUSIP Number)
 

December 31, 2019

(Date of event which requires filing of this statement)
 
 
Check the appropriate box to designate the rule pursuant to which this Schedule 13G/A is filed:
 
¨ Rule 13d-1(b)
x Rule 13d-1(c)
¨ Rule 13d-1(d)
 
(Page 1 of 10 Pages)

 

______________________________

*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 the disclosures provided in a prior cover page.

The information required in 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. 98986F10813G/APage 2 of 10 Pages

 

1

NAMES OF REPORTING PERSONS

Highbridge Capital Management, LLC

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

CITIZENSHIP OR PLACE OF ORGANIZATION

State of Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH		 5

SOLE VOTING POWER

0

6

SHARED VOTING POWER

2,260,624 shares of Common Stock (including 1,353,568 shares of Common Stock issuable upon exercise of warrants) (see Item 4)*

7

SOLE DISPOSITIVE POWER

0

8

SHARED DISPOSITIVE POWER

2,260,624 shares of Common Stock (including 1,353,568 shares of Common Stock issuable upon exercise of warrants) (see Item 4)*

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

2,260,624 shares of Common Stock (including 1,353,568 shares of Common Stock issuable upon exercise of warrants) (see Item 4)*

10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨
11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

9.99% (see Item 4)*

12

TYPE OF REPORTING PERSON

IA, OO

         

 

* As more fully described in Item 4, the reported securities are subject to a 9.99% blocker and the percentage set forth in row (11) gives effect to such blocker. However, rows (6), (8) and (9) show the number of shares of Common Stock that would be issuable upon the exercise in full of the reported securities and do not give effect to such blocker. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to such blocker, is less than the number of securities reported in rows (6), (8) and (9).

 

CUSIP No. 98986F10813G/APage 3 of 10 Pages

 

1

NAMES OF REPORTING PERSONS

Highbridge Tactical Credit Master Fund, L.P. (formerly known as 1992 Tactical Credit Master Fund, L.P.)

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

CITIZENSHIP OR PLACE OF ORGANIZATION

State of Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH		 5

SOLE VOTING POWER

0

6

SHARED VOTING POWER

2,260,624 shares of Common Stock (including 1,353,568 shares of Common Stock issuable upon exercise of warrants) (see Item 4)*

7

SOLE DISPOSITIVE POWER

0

8

SHARED DISPOSITIVE POWER

2,260,624 shares of Common Stock (including 1,353,568 shares of Common Stock issuable upon exercise of warrants) (see Item 4)*

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

2,260,624 shares of Common Stock (including 1,353,568 shares of Common Stock issuable upon exercise of warrants) (see Item 4)*

10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨
11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

9.99% (see Item 4)*

12

TYPE OF REPORTING PERSON

PN

         

 

* As more fully described in Item 4, the reported securities are subject to a 9.99% blocker and the percentage set forth in row (11) gives effect to such blocker. However, rows (6), (8) and (9) show the number of shares of Common Stock that would be issuable upon the exercise in full of the reported securities and do not give effect to such blocker. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to such blocker, is less than the number of securities reported in rows (6), (8) and (9).

 

CUSIP No. 98986F10813G/APage 4 of 10 Pages

 

1

NAMES OF REPORTING PERSONS

Highbridge MSF International Ltd. (formerly known as 1992 MSF International Ltd.)

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

CITIZENSHIP OR PLACE OF ORGANIZATION

Cayman Islands, British West Indies

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH		 5

SOLE VOTING POWER

0

6

SHARED VOTING POWER

0

7

SOLE DISPOSITIVE POWER

0

8

SHARED DISPOSITIVE POWER

0

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

0

10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨
11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

0%

12

TYPE OF REPORTING PERSON

OO

         

 

 

 

CUSIP No. 98986F10813G/APage 5 of 10 Pages

 

Item 1(a). NAME OF ISSUER:
   
  The name of the issuer is Zyla Life Sciences (formerly known as Egalet Corporation) (the "Company").

 

Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
   
  The Company's principal executive offices are located at 600 Lee Road, Suite 100, Wayne, Pennsylvania 19087.
   
Item 2(a). NAME OF PERSON FILING:
Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
Item 2(c). CITIZENSHIP:
   
  This statement is filed by:

  

  (i)

Highbridge Capital Management, LLC

277 Park Avenue, 23rd Floor

New York, New York 10172

Citizenship: State of Delaware

 

  (ii)

Highbridge Tactical Credit Master Fund, L.P. (formerly known as 1992 Tactical Credit Master Fund, L.P.)

c/o Highbridge Capital Management, LLC

277 Park Avenue, 23rd Floor

New York, New York 10172

Citizenship: Cayman Islands

     
  (iii)

Highbridge MSF International Ltd. (formerly known as 1992 MSF International Ltd.)

c/o Highbridge Capital Management, LLC

277 Park Avenue, 23rd Floor

New York, New York 10172

Citizenship: Cayman Islands

     
  The foregoing persons are hereinafter sometimes referred to as the "Reporting Persons."

 

Item 2(d). TITLE OF CLASS OF SECURITIES:
   
  Common Stock, par value $0.001 per share (the "Common Stock").
   
Item 2(e). CUSIP NUMBER
   
   98986F108

  

 

CUSIP No. 98986F10813G/APage 6 of 10 Pages

 

Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
   

 

  (a) ¨ Broker or dealer registered under Section 15 of the Act,
  (b) ¨ Bank as defined in Section 3(a)(6) of the Act,
  (c) ¨ Insurance Company as defined in Section 3(a)(19) of the Act,
  (d) ¨ Investment Company registered under Section 8 of the Investment Company Act of 1940,
  (e) ¨ An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
  (f) ¨ Employee Benefit Plan or Endowment Fund in accordance with Rule 13d-1(b)(1)(ii)(F),
  (g) ¨ Parent Holding Company or control person in accordance with Rule 13d-1(b)(1)(ii)(G),
  (h) ¨ Savings Association as defined in Section 3(b) of the Federal Deposit Insurance Act,
  (i) ¨ A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;
  (j) ¨ A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J);
  (k) ¨ Group, in accordance with Rule 13d-1(b)(1)(ii)(K).

 

 

If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please

specify the type of institution: ______________________________

   

 

Item 4. OWNERSHIP.
   
 

(a)       Amount beneficially owned:

 

As of December 31, 2019,(i) subject to the 9.99% Blocker (as defined in Item 4(b) below), Highbridge Tactical Credit Master Fund, L.P. may be deemed to beneficially own 2,260,624 shares of Common Stock (including 1,353,568 shares of Common Stock issuable upon exercise of warrants) and (ii) subject to the 9.99% Blocker, Highbridge Capital Management, LLC, as the trading manager of Highbridge Tactical Credit Master Fund, L.P., may be deemed to be the beneficial owner of 2,260,624 shares of Common Stock (including 1,353,568 shares of Common Stock issuable upon exercise of warrants) held by the Highbridge Tactical Credit Master Fund, L.P.

 

CUSIP No. 98986F10813G/APage 7 of 10 Pages

 

 

(b)       Percent of class:

 

The percentages used herein and in the rest of this Schedule 13G/A are calculated based upon 9,360,968 shares of Common Stock reported to be outstanding as of November 9, 2019, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2019 filed with the Securities and Exchange Commission on November 14, 2019 and assumes the exercise of the warrants (the "Reported Securities") held by Highbridge Tactical Credit Master Fund, L.P., subject to the 9.99% Blocker. Therefore, as of December 31, 2019, (i) Highbridge Tactical Credit Master Fund, L.P. may be deemed to beneficially own 9.99% of the outstanding shares of Common Stock and (ii) Highbridge Capital Management, LLC may be deemed to beneficially own 9.99% of the outstanding shares of Common Stock of the Company.

 

Pursuant to the terms of the Reported Securities, the Reporting Persons cannot exercise any of the Reported Securities if the Reporting Persons would beneficially own, after any such exercise, more than 9.99% of the outstanding shares of Common Stock (the "9.99% Blocker") and the percentage set forth in Row (11) of the cover page for each Reporting Person gives effect to the 9.99% Blocker. Consequently, at this time, the Reporting Persons are not able to exercise all of such Reported Securities due to the 9.99% Blocker.

 

The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the shares of Common Stock (including the shares of Common Stock issuable upon exercise of the warrants) held by Highbridge Tactical Credit Master Fund, L.P.

 

(c)       Number of shares as to which such person has:

 

(i)       Sole power to vote or to direct the vote

 

0

 

(ii)       Shared power to vote or to direct the vote

 

See Item 4(a)

 

(iii)       Sole power to dispose or to direct the disposition of

 

0

 

(iv)       Shared power to dispose or to direct

the disposition of

 

See Item 4(a)

   

 

 

CUSIP No. 98986F10813G/APage 8 of 10 Pages

 

Item 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
   
  Not applicable.

 

Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
   
  Not applicable.

 

Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
   
  Not applicable.

 

Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
   
  Not applicable.

 

Item 9. NOTICE OF DISSOLUTION OF GROUP.
   
  Not applicable.
   
Item 10. CERTIFICATION.
   
  Each Reporting Person hereby makes the following certification:
   
  By signing below the Reporting Person certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

 

 

CUSIP No. 98986F10813G/APage 9 of 10 Pages

SIGNATURES

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

DATED: February 13, 2020

 

HIGHBRIDGE CAPITAL MANAGEMENT, LLC
     
     
By: /s/ John Oliva  
Name: John Oliva  
Title: Managing Director  
     

 

HIGHBRIDGE TACTICAL CREDIT MASTER FUND, L.P.
     
     
By:

Highbridge Capital Management, LLC

its Trading Manager

     
     
By: /s/ John Oliva  
Name: John Oliva  
Title: Managing Director  

 

HIGHBRIDGE MSF INTERNATIONAL LTD.
     
     
By:

Highbridge Capital Management, LLC

its Trading Manager

     
     
By: /s/ John Oliva  
Name: John Oliva  
Title: Managing Director  

 

 

 

CUSIP No. 98986F10813G/APage 10 of 10 Pages

EXHIBIT 1

 

JOINT FILING AGREEMENT

The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

 

DATED: February 13, 2020

 

HIGHBRIDGE CAPITAL MANAGEMENT, LLC
     
     
By: /s/ John Oliva  
Name: John Oliva  
Title: Managing Director  
     

 

HIGHBRIDGE TACTICAL CREDIT MASTER FUND, L.P.
     
     
By:

Highbridge Capital Management, LLC

its Trading Manager

     
     
By: /s/ John Oliva  
Name: John Oliva  
Title: Managing Director  

 

HIGHBRIDGE MSF INTERNATIONAL LTD.
     
     
By:

Highbridge Capital Management, LLC

its Trading Manager

     
     
By: /s/ John Oliva  
Name: John Oliva  
Title: Managing Director