Bankruptcy
With billions of dollars at stake in potential legal liabilities, the life sciences giant is exploring a possible solution – bankruptcy of a sort.
The move by the 15 states’ attorneys general comes about a month ahead of a court hearing set for Aug. 5.
Mallinckrodt has filed for Chapter 11 bankruptcy amid growing lawsuits that allege the company has participated in fueling the opioid epidemic in the United States.
Two years after Germany’s Fresenius Medical Care walked away from a 2017 $4.3 billion deal to acquire Akorn Pharmaceuticals, the company has filed for protection under U.S. bankruptcy laws as it attempts to restructure for a potential sale.
Deerfield Management placed Melinta’s assets up for auction, but no other companies made competing bids, leaving Deerfield in control of the company’s assets.
Mallinckrodt Files Chapter 11 for its Generics Business as it Reaches $1.6 Billion Opioid Settlement
In addition to the settlement and bankruptcy, Mallinckrodt entered into a debt refinancing agreement, including an $800 million loan that will be used to repay some outstanding debt and acquire some outstanding stocks.
The decision to file Chapter 11 followed a close examination of the company’s strategic options and current financing.
Less than one month after filing for bankruptcy, beleaguered Bay Area microbiome company uBiome is now shutting its doors and selling off assets.
The dermatological drug maker will use Chapter 11 protection to restructure the company, including a possible sale of assets, and will delay development of its Phase III-ready psoriasis treatment.
Days after reaching a tentative agreement with a majority of states involved in litigation against the company over its role in the opioid crisis in the United States, Purdue Pharmaceuticals filed Chapter 11 bankruptcy.
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