Avadel Specialty Pharmaceuticals seeks approval of sale procedures

By Caroline Salls

Pittsburgh, Feb. 11 – Avadel Specialty Pharmaceuticals, LLC requested court approval of the bid procedures for the proposed sale of all or a portion of its assets, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Avadel said it is seeking proposals for a sale of all or any combination of its assets, including a sale of all or substantially all assets related to its new drug application for Noctiva and its inventory, for only the Noctiva application or for only the Noctiva inventory.

Under the proposed bid procedures, bids would be due by 4 p.m. ET on March 15, an auction would be held on March 19, if necessary, and the sale hearing would be held on March 21.

Bidders must be able to close the sale by March 31.

Following identification of the starting bid, bids at auction must be made in minimum increments of $50,000.

Avadel Pharmaceuticals is a Dublin-based specialty pharmaceutical company. The company filed bankruptcy on Feb. 6 under Chapter 11 case number 19-10248.

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