Oscient receives no counteroffers for Factive; asks to cancel auction

By Caroline Salls

Pittsburgh, Aug. 27 - Oscient Pharmaceuticals Corp. asked the U.S. Bankruptcy Court for the District of Massachusetts to cancel the Aug. 31 auction for the sale of its Factive antibiotic because it did not receive any counteroffers, according to a Thursday court filing.

As previously reported, Oscient entered into an agreement with a subsidiary of Cornerstone Therapeutics Inc. in July to sell the assets related to Factive.

Cornerstone has agreed to pay $5 million plus the value of the drug's inventory at closing and a 15% royalty on its sales of Factive through the fifth anniversary of the closing date.

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

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