SC 13G

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No.     )*

 

 

OSMOTICA PHARMACEUTICALS PLC

(Name of Issuer)

ORDINARY SHARES, NOMINAL VALUE $0.01 PER SHARE

(Title of Class of Securities)

G6S41R101

(CUSIP Number)

DECEMBER 31, 2018

(Date of Event Which Requires Filing of this Statement)

 

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☐ Rule 13d-1(c)

☒ Rule 13d-1(d)

 

*

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. G6S41R101   SCHEDULE 13G   Page 1 of 12 Pages

 

  1    

NAMES OF REPORTING PERSONS

 

AVISTA CAPITAL PARTNERS III GP, L.P.

  2    

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☒        (b)  ☐

 

  3    

SEC USE ONLY

 

  4    

CITIZENSHIP OR PLACE OF ORGANIZATION

 

DELAWARE

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

   5     

SOLE VOTING POWER

 

0

   6     

SHARED VOTING POWER

 

20,450,785*

   7     

SOLE DISPOSITIVE POWER

 

0

   8     

SHARED DISPOSITIVE POWER

 

20,450,785*

  9    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

20,450,785*

10    

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

11    

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

38.9%*

12    

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

PN

 

*

See Item 4.

 

Page 2 of 12


CUSIP No. G6S41R101   SCHEDULE 13G   Page 2 of 12 Pages

 

  1    

NAMES OF REPORTING PERSONS

 

ACP HOLDCO (OFFSHORE), L.P.

  2    

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☒        (b)  ☐

 

  3    

SEC USE ONLY

 

  4    

CITIZENSHIP OR PLACE OF ORGANIZATION

 

BERMUDA

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

   5     

SOLE VOTING POWER

 

0

   6     

SHARED VOTING POWER

 

5,183,899*

   7     

SOLE DISPOSITIVE POWER

 

0

   8     

SHARED DISPOSITIVE POWER

 

5,183,899*

  9    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

5,183,899*

10    

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

11    

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

9.9%*

12    

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

PN

* See Item 4

 

Page 3 of 12


CUSIP No. G6S41R101   SCHEDULE 13G   Page 3 of 12 Pages

 

  1    

NAMES OF REPORTING PERSONS

 

ACP III AIV, L.P.

  2    

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☒        (b)  ☐

 

  3    

SEC USE ONLY

 

  4    

CITIZENSHIP OR PLACE OF ORGANIZATION

 

BERMUDA

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

   5     

SOLE VOTING POWER

 

0

   6     

SHARED VOTING POWER

 

9,296,965*

   7     

SOLE DISPOSITIVE POWER

 

0

   8     

SHARED DISPOSITIVE POWER

 

9,296,965*

  9    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

9,296,965*

10    

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

11    

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

17.7%*

12    

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

PN

 

*

See Item 4.

 

Page 4 of 12


CUSIP No. G6S41R101   SCHEDULE 13G   Page 4 of 12 Pages

 

  1    

NAMES OF REPORTING PERSONS

 

ORBIT CO-INVEST I LLC

  2    

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☒        (b)  ☐

 

  3    

SEC USE ONLY

 

  4    

CITIZENSHIP OR PLACE OF ORGANIZATION

 

DELAWARE

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

   5     

SOLE VOTING POWER

 

0

   6     

SHARED VOTING POWER

 

4,936,926*

   7     

SOLE DISPOSITIVE POWER

 

0

   8     

SHARED DISPOSITIVE POWER

 

4,936,926*

  9    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

4,936,926*

10    

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

11    

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

9.4%*

12    

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

*

See Item 4.

 

Page 5 of 12


CUSIP No. G6S41R101   SCHEDULE 13G   Page 5 of 12 Pages

 

  1    

NAMES OF REPORTING PERSONS

 

ORBIT CO-INVEST III LLC

  2    

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☒        (b)  ☐

 

  3    

SEC USE ONLY

 

  4    

CITIZENSHIP OR PLACE OF ORGANIZATION

 

DELAWARE

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

   5     

SOLE VOTING POWER

 

0

   6     

SHARED VOTING POWER

 

1,032,995*

   7     

SOLE DISPOSITIVE POWER

 

0

   8     

SHARED DISPOSITIVE POWER

 

1,032,995*

  9    

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,032,995*

10    

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

11    

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

 

2.0%*

12    

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

*

See Item 4.

 

Page 6 of 12


Item 1(a).

Name of Issuer

Osmotica Pharmaceuticals plc (the “Issuer”)

 

Item 1(b).

Address of Issuer’s Principal Executive Offices

400 Crossing Boulevard

Bridgewater, New Jersey 08807

 

Item 2.

(a) Name of Person

This statement is filed by the entities and persons listed below, all of whom together are referred to herein as the “Reporting Persons”:

(i) Avista Capital Partners III GP, L.P.

(ii) ACP Holdco (Offshore), L.P.

(iii) ACP III AIV, L.P.

(iv) Orbit Co-Invest I LLC

(v) Orbit Co-Invest III LLC

(b) Address of Principal Business Office or, if none, Residence

All Reporting Persons:

c/o Avista Capital Partners

65 East 55th Street, 18th Floor

New York, NY 10022

(c) Citizenship

Avista Capital Partners III GP, L.P., Orbit Co-Invest I LLC and Orbit Co-Invest III LLC: Delaware

ACP Holdco (Offshore), L.P. and ACP III AIV, L.P.: Bermuda

(d) Title of Class of Securities

Ordinary shares, nominal value $0.01 per share

(e) CUSIP Number

G6S41R101

 

Item 3.

If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

 

 

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

 

 

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

 

Page 7 of 12


 

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

 

 

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

 

 

An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

 

 

An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);

 

 

A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);

 

 

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

 

 

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

 

 

A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J);

 

 

A group, in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution:

 

Item 4.

Ownership

(a)-(c)

 

Reporting

Person

   Amount
Beneficially
Owned(a)
    

Percent

of

Class(b)

   

Number

of shares

as to

which the

person

has: Sole

power to

vote or to

direct the

vote

    

Number of

shares as to

which the

person has:

Shared

power to

vote or to

direct the

vote

    

Number of

shares as to

which the

person has:

Sole power

to dispose

or to direct

the

disposition

of:

    

Number of

shares as to

which the

person has:

Shared

power to

dispose or

to direct the
disposition

of:

 

Avista Capital Partners III GP, L.P.

     20,450,785        38.9     0        20,450,785        0        20,450,785  

ACP Holdco (Offshore), L.P.

     5,183,899        9.9     0        5,183,899        0        5,183,899  

ACP III AIV, L.P.

     9,296,965        17.7     0        9,296,965        0        9,296,965  

Orbit Co-Invest I LLC

     4,936,926        9.4     0        4,936,926        0        4,936,926  

Orbit Co-Invest III LLC

     1,032,995        2.0     0        1,032,995        0        1,032,995  

 

(a)

Avista Capital Partners III GP, L.P. serves as the general partner of ACP Holdco (Offshore), L.P. and ACP III AIV, L.P. and as the manager of Orbit Co-Invest I LLC and Orbit Co-Invest III LLC. By virtue of these relationships, Avista Capital Partners III GP, L.P. may be deemed to share beneficial ownership of the 5,183,899 ordinary shares held by ACP Holdco (Offshore), L.P., the 9,296,965 ordinary shares held by ACP III AIV, L.P., the 4,936,926 ordinary shares held by Orbit Co-Invest I LLC and the 1,032,995 ordinary shares held by Orbit Co-Invest III LLC. Voting and disposition decisions at Avista Capital Partners III GP, L.P. with respect to those shares are made by an investment committee, the members of which include David Burgstahler and Sriram Venkataraman, each of whom serves as a director of the Issuer. Each of the members of the investment committee disclaims beneficial ownership of these securities.

 

Page 8 of 12


(b) 

Based on 52,518,924 ordinary shares, nominal value $0.01 per share, outstanding as of November 7, 2018 as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, filed with the SEC on November 8, 2018.

 

Item 5.

Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following [    ].

 

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 or Control Person

Not Applicable

 

Item 8.

Identification and Classification of Members of the Group

The Issuer, ACP Holdco (Offshore), L.P., ACP III AIV, L.P., Orbit Co-Invest I LLC, Orbit Co-Invest III LLC (together with ACP Holdco (Offshore), L.P., ACP III AIV, L.P. and Orbit Co-Invest I LLC, the “Avista Entities”), Altchem Limited, Orbit Co-Invest A-I LLC (together with Altchem Limited, the “Altchem Entities”) and the management shareholders identified therein are party to a Shareholders Agreement (the “Shareholders Agreement”) dated October 17, 2018, pursuant to which the Avista Entities and the Altchem Entities agreed to vote all of their outstanding ordinary shares of the Issuer to ensure the composition of the Issuer’s Board of Directors as set forth in the Shareholders Agreement, for so long as the Avista Entities and Altchem each own at least 10% of the Issuer’s outstanding ordinary shares. Consequently, the Avista Entities and the Altchem Entities may be deemed to be a group under Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with respect to the securities of the Issuer.

 

Item 9.

Notice of Dissolution of Group

Not Applicable

 

Item 10.

Certifications

Not Applicable

 

Page 9 of 12


EXHIBIT INDEX

 

Exhibit No.

    
A    Joint Filing Agreement, dated February 7, 2019 among Avista Capital Partners III GP, L.P., ACP Holdco (Offshore), L.P., ACP III AIV, L.P., Orbit Co-Invest I LLC and Orbit Co-Invest III LLC.

 

Page 10 of 12


SIGNATURE

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

Date: February 7, 2019

 

AVISTA CAPITAL PARTNERS III GP, L.P.
By:  

/s/ Ben Silbert

Name:   Ben Silbert
Title:   Authorized Representative

 

ACP HOLDCO (OFFSHORE), L.P.
By:  

Avista Capital Partners III GP, L.P.

its General Partner

By:  

/s/ Ben Silbert

Name:   Ben Silbert
Title:   Authorized Representative

 

ACP III AIV, L.P.
By:  

Avista Capital Partners III GP, L.P.

its General Partner

By:  

/s/ Ben Silbert

Name:   Ben Silbert
Title:   Authorized Representative

 

ORBIT CO-INVEST I LLC
By:  

/s/ Ben Silbert

Name:   Ben Silbert
Title:   Authorized Representative

 

ORBIT CO-INVEST III LLC
By:  

/s/ Ben Silbert

Name:   Ben Silbert
Title:   Authorized Representative

 

Page 11 of 12

EX-99.A

Exhibit A

AGREEMENT AS TO JOINT FILING OF SCHEDULE 13G

The undersigned hereby agree that the Schedule 13G relating to the ordinary shares of Osmotica Pharmaceuticals plc, and any further amendments thereto, to which this Agreement as to Joint Filing of Schedule 13G is attached as an exhibit is filed on behalf of each of them pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended.

 

Date: February 7, 2019

 

AVISTA CAPITAL PARTNERS III GP, L.P.
By:  

/s/ Ben Silbert

Name:   Ben Silbert
Title:   Authorized Representative

 

ACP HOLDCO (OFFSHORE), L.P.
By:  

Avista Capital Partners III GP, L.P.

its General Partner

By:  

/s/ Ben Silbert

Name:   Ben Silbert
Title:   Authorized Representative

 

ACP III AIV, L.P.
By:  

Avista Capital Partners III GP, L.P.

its General Partner

By:  

/s/ Ben Silbert

Name:   Ben Silbert
Title:   Authorized Representative

 

ORBIT CO-INVEST I LLC
By:  

/s/ Ben Silbert

Name:   Ben Silbert
Title:   Authorized Representative

 

ORBIT CO-INVEST III LLC
By:  

/s/ Ben Silbert

Name:   Ben Silbert
Title:   Authorized Representative