Achaogen secures court OK for $16 million sale of company assets

By Caroline Salls

Pittsburgh, June 27 – Achaogen, Inc. obtained court approval to sell substantially all of its assets for a total cash consideration of $16 million, plus potential royalties and assumption of contractual liabilities, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Cipla USA Inc. has agreed to purchase Achaogen’s worldwide rights, excluding Greater China, to Zemdri (plazomicin) and certain related Achaogen assets and liabilities.

QiLu Antibiotics Pharmaceutical Co., Ltd. has agreed to purchase an exclusive royalty-free perpetual license to Achaogen’s rights in Greater China to plazomicin.

And, Heritage Global Partners, Inc. has agreed to purchase Achaogen’s lab equipment.

Achaogen reached agreements with these purchasers following the conclusion of a structured auction held on June 3.

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

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