Sanofi Winthrop Industries (Sanofi) and, separately, Hikma Pharmaceuticals, LLC; Hikma Pharmaceuticals PLC and West-Ward Pharmaceuticals, LLC filed with the U.S. Bankruptcy Court objections to Unilife’s asset purchase agreement between the Debtors and the successful bidder and motion for an order authorizing the sale of substantially all of the Debtors’ assets free and clear of liens, claims, encumbrances and interests and authorizing the assumption and assignment of contracts.
Sanofi asserts, “The Proposed Cure Amount is deficient and fails to satisfy the Debtors’ obligations to Sanofi under the terms of the MSSA as required by section 365(b) of the Bankruptcy Code. The Debtors owe Sanofi all uncured indemnification obligations to Sanofi under the MSSA on account of the Debtors failure to meet the terms and conditions of the MSSA (the ‘Actual Cure Amount’), which remains unliquidated, but must be satisfied or assumed if the MSSA is to be assumed and/or assigned by the Debtors as part of their proposed sale process. The Actual Cure Amount must be satisfied in full as a condition to the Debtors’ proposed assumption and/or assignment of the Supply Agreement and the MSSA.”
Read more Unilife bankruptcy news.