Advertisement

PhaseRx Bankruptcy Sale Approved

Advertisement

The U.S. Bankruptcy Court approved PhaseRx’s asset purchase agreement with purchaser Roivant Sciences; authorizing the sale to the purchaser of substantially all of the Debtor’s assets free and clear of all liens, claims, encumbrances and interests, except for permitted encumbrances and assumed liabilities and authorizing the assumption and assignment of contracts.

The purchase price is $800,000. As previously reported, “The Debtor, in consultation with its Prepetition Lender, Hercules Capital, (‘Hercules’), has determined that the Successful Bidder with respect to the Acquired Assets is Roivant Sciences GmbH (the ‘Successful Bidder’).” According to documents filed with the SEC, “On January 31, 2018, the Company and Roivant entered into an Asset Purchase Agreement, memorializing the foregoing terms of Roivant’s bid. Pursuant to the Asset Purchase Agreement, the closing of the sale of substantially all of the assets of the Company is expected to take place on February 2, 2018, subject to the satisfaction of customary closing conditions.”

Read more PhaseRx bankruptcy news.