Sienna Biopharmaceuticals sale procedures approved; auction Dec. 5

By Caroline Salls

Pittsburgh, Nov. 13 – Sienna Biopharmaceuticals, Inc. received court approval of the bid procedures for the proposed sale of substantially all of its assets, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Under the approved sale timeline, the bids will be due by 5 p.m. ET on Dec. 2.

An auction will be held on Dec. 5, if necessary, and the sale hearing is scheduled for Dec. 10.

Sienna said it may select a stalking horse bidder for the assets and may offer that bidder protections in the form of a break-up fee and expense reimbursement to be paid if the stalking horse bidder is not ultimately the winning bidder.

Sienna is a Westlake Village, Calif.-based clinical-stage biopharmaceutical company. It filed for bankruptcy on Sept. 16. The Chapter 11 case number is 19-12051.

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