Achaogen granted court approval of $4.5 million sale of China assets

By Caroline Salls

Pittsburgh, Jan. 9 – Achaogen, Inc. received court approval to sell its Chinese assets to XuanZhu Biopharmaceutical Ltd., according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Achaogen entered into a letter of intent under which XuanZhu agreed to acquire some of Achaogen’s intellectual property and technical rights for the active pharmaceutical ingredient Plazomicin Sulfate in China, Hong Kong, Macau and Taiwan.

XuanZhu agreed to pay $4.5 million, payable as a $1 million deposit into escrow upon execution of the letter of intent, $1 million as a deposit into escrow upon execution of a definitive agreement and $2.5 million at closing.

The South San Francisco-based biopharmaceutical company filed bankruptcy on April 15, 2019. The Chapter 11 case number is 19-10844.

© 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.