Zealand Pharma: launches bid to acquire bankrupt biotech
(CercleFinance.com) - Denmark's Zealand Pharma is launching a 23-million dollar bid to acquire all of Valeritas' assets, a US-based commercial-stage medical technology company that filed for bankruptcy earlier this month.
The proposed sale is to be conducted through a court-supervised sale process, meaning that if Zealand's bid is selected, the sale will be subject to approval by the bankruptcy court and other closing conditions, the company said.
Zealand - which plans to become a fully integrated biotechnology company with commercial operations in the US - is currently preparing for the launch of HypoPal diabetes rescue pen in 2021, if approved by the FDA.
The deal would provide an opportunity to acquire a revenue-generating business and infrastructure, it said.
Valeritas has developed a simple, affordable, all-in-one basal-bolus insulin delivery device option for adult patients requiring insulin.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The proposed sale is to be conducted through a court-supervised sale process, meaning that if Zealand's bid is selected, the sale will be subject to approval by the bankruptcy court and other closing conditions, the company said.
Zealand - which plans to become a fully integrated biotechnology company with commercial operations in the US - is currently preparing for the launch of HypoPal diabetes rescue pen in 2021, if approved by the FDA.
The deal would provide an opportunity to acquire a revenue-generating business and infrastructure, it said.
Valeritas has developed a simple, affordable, all-in-one basal-bolus insulin delivery device option for adult patients requiring insulin.
Copyright (c) 2020 CercleFinance.com. All rights reserved.