Oscient looks to sell high cholesterol drug Antara for $20 million

By Caroline Salls

Pittsburgh, Aug. 7 - Oscient Pharmaceuticals Corp. requested court approval of the bid procedures for the proposed $20 million sale of the assets related to its cholesterol drug Antara, according to a Friday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

Akrimax Pharmaceuticals, LLC is the stalking horse bidder.

If Akrimax is not the high bidder, Oscient will pay it a $300,000 break-up fee.

Competing bids must be for at least $20.6 million and must include a $1.2 million cash deposit.

Oscient said it s cannot promote Antara and generate new prescriptions in coming months because it recently eliminated its sales force.

Oscient, a Waltham, Mass., commercial-stage pharmaceutical company, filed for bankruptcy on July 13. Its Chapter 11 case number is 09-16576.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.