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Teligent gets approval to sell assets for total of $87.17 million
By Sarah Lizee
Olympia, Wash., Jan. 20 – Teligent, Inc. received court approval to sell substantially all of its assets to three purchasers for about $87.17 million, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, the assets are divided into three categories: a pharmaceutical manufacturing and laboratory facility in New Jersey, substantially all of the company’s assets located in Canada, and the U.S. marketing authorizations, which comprises the abbreviated New Drug Applications for generic drug products that the debtors have submitted for approval to the Food and Drug Administration.
The company had entered into three stalking horse agreements and held auctions for each category of assets.
Stalking horse bidder Leiters, Inc. was the winning bidder for the facility assets, with a purchase price of $27 million.
Hikma Canada Ltd. was named successful bidder for the Canadian assets, with a purchase price of $45.75 million. Stalking horse SteriMax Inc., which had offered a $30 million purchase price for the assets, was designated as backup bidder.
Stalking horse PAI Holdings, LLC was the successful bidder for the U.S. marketing authorizations, with a purchase price of $14.42 million, up from its original bid of $7 million. Nivagen Pharmaceuticals, Inc. was named backup bidder.
Bid protections under the stalking horse agreements included a breakup fee of $900,000 and an expense reimbursement of $500,000 for the Canadian assets, a breakup fee of $210,000 and an expense reimbursement of $120,000 for the U.S. marketing authorizations, and up to $810,000 of bid protections for the facility.
Teligent is a Buena, N.J.-based specialty generic pharmaceutical company. The company filed bankruptcy on Oct. 14 under Chapter 11 case number 21-11332.
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