Achaogen asset sale procedures OK’d; auction scheduled for June 3

By Caroline Salls

Pittsburgh, May 1 – Achaogen, Inc. received court approval of the bid procedures for the proposed sale of substantially all of the company’s assets, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The procedures give Achaogen an option to select a stalking horse bid up to seven days before the bid deadline.

All other bids are due by 4 p.m. ET on May 29.

An auction will be held on June 3. The company said the sale hearing would be held by June 6.

The South San Francisco, Calif.-based biopharmaceutical company filed bankruptcy on April 15. The Chapter 11 case number is 19-10844.

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