Oscient Pharmaceuticals sells Antara drug assets for $38.61 million

By Caroline Salls

Pittsburgh, Sept. 22 - Oscient Pharmaceuticals Corp. obtained court approval of the $38.61 million sale of the assets related to its cholesterol drug Antara to Lupin Ltd., according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

As previously reported, Akrimax Pharmaceuticals, LLC was the stalking horse bidder, with an initial $20 million offer.

Oscient said Akrimax's subsequent $35.4 million bid will serve as the back-up bid if the Lupin sale does not close.

Under the bid procedures, the company agreed to pay a $300,000 break-up fee to Akrimax if it was not the high bidder.

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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