Brentwood's Commercial Healthcare Partners is suing a Pennsylvania company in federal court for an unpaid finder's fee.
In December 2011, CHP — which is run by former Merck executive Jim Usry — inked a deal with Frontline Pharmaceuticals to find the latter a "target company" with which to partner, co-promote, license or commercialize its technology. If the company was not previously known to Frontline, CHP would be entitled to 2 percent of any transaction's value.
In 2012, CHP claims it introduced Frontline to Pernix Therapeutic Holdings, with which Frontline had no previous relationship. In connection with other restructuring moves, Pernix has placed $65 million in senior notes with Frontline's help and in exchange, Frontline received an option on 500,000 shares of Pernix stock.
Usry (pictured) and CHP say the deal between Frontline and Pernix satisfies the requirements of the 2011 contract but, as yet, CHP hasn't been paid. The company, represented by Robert Patterson at Bradley Arant Boult Cummings, is seeking the 2 percent plus interest of the deal's value. Frontline officials could not be reached for comment Friday.