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.

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