Zealand launches bid to acquire diabetes specialist, Valeritas

Danish biotech, Zealand Pharma, has announced a stalking-horse bid to acquire Valeritas, a New Jersey-based commercial-stage company focussed on improving health for people with diabetes, out of bankruptcy for a total consideration of $23 million.

Last week, Valeritas and its subsidiaries filed voluntary petitions under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Delaware.

At that time, Zealand entered into a definitive agreement to acquire substantially all assets from Valeritas. Under the terms of the agreement, Zealand serves as the stalking horse bidder in a sale process.

The proposed sale is to be conducted through a Court-supervised sale process under Section 363 of the Bankruptcy Code and will be subject to Court-approved bidding procedures and receipt of competing offers at auction.

If Zealand’s bid is selected, the sale will be subject to approval by the Bankruptcy Court and certain other closing conditions.

Zealand’s strategy is to become a fully integrated biotechnology company with commercial operations in the US, and it is preparing for the anticipated launch of the dasiglucagon HypoPal rescue pen in 2021, if approved by the FDA.

The contemplated bid provides Zealand with an opportunity to acquire a revenue-generating business and infrastructure, accelerating ongoing efforts to prepare for the anticipated dasiglucagon HypoPal launch while leveraging the Valeritas organisation’s experience and relationships within the US diabetes market.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site but journalism costs money and we rely on advertising and digital revenues to help to support them.

With the Covid-19 lockdown having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites with a small donation of even £1, your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

In the meantime may I wish you the very best.

- Advertisement -

Intravacc & Celonic to develop, produce novel COVID-19 vaccine

Intravacc, a Dutch viral and bacterial vaccine specialist, and Swiss CDMO, Celonic Group, have signed a research agreement to further design, develop and produce...

Tecentriq combination approved for advanced melanoma

The FDA has approved Roche’s Tecentriq (atezolizumab) plus Cotellic (cobimetinib) and Zelboraf (vemurafenib) for the treatment of BRAF V600 mutation-positive advanced melanoma patients. The safety...

European approval for Novartis’ Cosentyx in paediatric psoriasis

Novartis has gained European approval for Cosentyx (secukinumab) for the treatment of moderate-to-severe plaque psoriasis in children and adolescents aged 6 to <18 years. The...

Hetero cleared to launch first remdesivir generic in India

Hetero, one of India’s leading generic pharmaceutical companies, has received the manufacturing and marketing approval for remdesivir from the Drug Controller General of India...

Collaboration to develop stem cell therapies for COVID-19 and future pandemic diseases

Avacta Group plc, the developer of Affimer® biotherapeutics and reagents, has expanded its collaboration and license agreement with Daewoong Pharmaceutical Co. Ltd. and AffyXell...

Related news

In brief: Sanofi & GSK in talks to supply 300m doses of COVID vaccine to EU

Sanofi and GlaxoSmithKline (GSK) are in “advanced discussions” with the European Commission (EC) for the supply of up to 300 million doses of a...

Intravacc & Celonic to develop, produce novel COVID-19 vaccine

Intravacc, a Dutch viral and bacterial vaccine specialist, and Swiss CDMO, Celonic Group, have signed a research agreement to further design, develop and produce...

Tecentriq combination approved for advanced melanoma

The FDA has approved Roche’s Tecentriq (atezolizumab) plus Cotellic (cobimetinib) and Zelboraf (vemurafenib) for the treatment of BRAF V600 mutation-positive advanced melanoma patients. The safety...

European approval for Novartis’ Cosentyx in paediatric psoriasis

Novartis has gained European approval for Cosentyx (secukinumab) for the treatment of moderate-to-severe plaque psoriasis in children and adolescents aged 6 to <18 years. The...