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Unilife Bankruptcy Sale Approved

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The U.S. Bankruptcy Court approved the separate asset purchase agreements between Unilife and Amgen and between Unilife and UNL Holdings and authorizing the sale of certain of the Debtors’ assets free and clear of liens, claims, encumbrances and interests.

The order states, “The Debtors having selected Amgen (the Amgen Successful Bidder) as the successful bidder for the purchased assets and UNL Holdings (the ROS successful Bidder) as the successful bidder for the purchased assets, the record of the bidding procedures hearing held on May 4, 2017, and sale hearing held on July 19, 2017 with respect to the motion, the objections thereto, it is hereby Found, Concluded and Determined that the Sale hearing, the assignment procedures, the transactions contemplated by the ROS purchase documents and the transactions contemplated by the ROS purchase documents…has been provided and such notice is good, sufficient and appropriate under the circumstances of the Chapter 11 cases and no other or further notice of the motion, the auction, the sale hearing or the ROS/Amgen sale transactions is or shall be required.”

In addition, “The A&R Sanofi License was fully executed and effective on July 19, 2017 and the ROS successful Purchaser agreed to assume the Debtors’ obligations under the A&R Sanofi License prior to the conclusion of the sale hearing….On the Closing date, the amended and restated License Agreement shall be assumed by UMS and assigned by UMS to the ROS successful bidder and shall remain in full force and effect for the benefit of the buyer in accordance with the sale.”

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