Sec Form 13D Filing - Patel Tushar Bhikhubhai filing for Amneal Pharmaceuticals Inc. (AMRX) - 2023-10-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

Amneal Pharmaceuticals, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.01

(Title of Class of Securities)

03168L105

(CUSIP Number)

Tushar Patel

c/o Tarsadia Investments, LLC

520 Newport Center Drive, Twenty-First Floor

Newport Beach, CA 92660

(949) 610-8015

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

October 16, 2023

(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 Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. ☐

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.

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).

This Amendment No. 2 to Schedule 13D (this “Amendment No. 2”) amends and supplements the Schedule 13D filed on July 9, 2018 (the “Initial 13D” and, as amended and supplemented through the date of this Amendment No. 3, collectively the “Schedule 13D”) with the Securities and Exchange Commission (the “SEC”), by Tushar Patel (the “Reporting Person”) relating to class A common stock, par value $0.01 per share (the “Class A Common Stock”), of Amneal Pharmaceuticals, Inc., a Delaware corporation (the “Issuer”). Capitalized terms used but not defined in this Amendment No. 2 shall have the meanings set forth in the Schedule 13D.

The disclosure in Item 4 is hereby amended and supplemented by adding the following:

On October 16, 2023, the Issuer and Amneal LLC entered into a binding term sheet pursuant to which a new public company will be formed (“New Issuer”), which will become the issuer of all shares held by the public, by the Reporting Person and by all other holders of units of Amneal LLC other than the Issuer. The transaction will be accomplished through two separate mergers. In the first merger (“First Merger”), a direct wholly-owned subsidiary of New Issuer will merge with and into Issuer, following which Issuer will become a wholly-owned direct subsidiary of New Issuer. As a result of the First Merger, the shares of Class A Common Stock and Class B Common Stock of the Issuer outstanding immediately prior to the First Merger will by operation of law be converted into an equal number of shares of class A common stock and class B common stock of New Issuer having the same rights as the Class A Common Stock and Class B Common Stock of the Issuer had prior to the First Merger. In the second merger (“Second Merger”), a direct wholly-owned subsidiary of New Issuer will merge with and into Amneal LLC. As a result of the Second Merger, all units in Amneal LLC other than those held by Issuer will be converted into an equal number of shares of class A common stock of New Issuer and Amneal LLC will become a direct and indirect (through Issuer) wholly-owned subsidiary of New Issuer. The Reporting Person and all holders of units of Amneal LLC, other than the Issuer, are expected to agree that immediately following the consummation of the Second Merger, they will surrender all of their shares of class B common stock in the New Issuer received in the First Merger for no consideration. The transaction will not require any vote of shareholders. As a result of the transaction, there will be a single class of stock of New Issuer outstanding. The rights and obligations of the public shareholders will not change following the transaction, and public shareholders will continue to hold the same percentage equity ownership in the New Issuer that they held in Issuer and indirectly in Amneal LLC prior to the transaction, and their economic and voting rights with respect to the New Issuer will be identical to the direct and indirect economic and voting rights held in the Issuer and Amneal LLC prior to the transaction. The Tax Receivable Agreement will be amended to provide that the payments that those persons who converted their units of Amneal LLC to Class A Common Stock of the Issuer prior to the subject transaction are entitled to receive with respect to taxable years of the Company beginning after the closing of the transaction will be reduced from 85% to 75% of applicable tax savings. The Tax Receivable Agreement will otherwise remain unchanged by the transaction, and there will be no accelerated payment thereunder as a result of the transaction. No new tax benefits will accrue under the TRA as a result of the subject transaction. A final tax distribution under the Amneal LLC LLCA will be made on the closing of the transaction, after which no further tax distributions will be made. The purpose of the transaction is to eliminate the two-tier structure of the Issuer.

The disclosure in Item 5 is hereby amended and restated in its entirety to read as follows:

(a) – (b)

The following sets forth, as of the date of this Schedule 13D, the aggregate number of shares of Class A Common Stock and percentage of Class A Common Stock beneficially owned by the Reporting Person, as well as the number of shares of Class A Common Stock as to which the Reporting Person has the sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition of, as of the date hereof, based on 154,194,960 shares of Class A Common Stock outstanding as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on August 8, 2023 for the quarterly period ended June 30, 2023 (assuming the redemption of all Common Units held of record by the Reporting Person):

The Reporting Person may be deemed to beneficially own 53,578,209 Common Units held of record by trusts controlled by the Reporting Person. The Common Units may be redeemed at any time for shares of the Issuer’s Class A Common Stock on a 1-to-1 basis.

SIGNATURES

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.

Date: October 17, 2023