Clarus Therapeutics gets OK of bid procedures for testosterone drug

By Sarah Lizee

Olympia, Wash., Sept. 22 – Clarus Therapeutics Holdings, Inc. with subsidiary Clarus Therapeutics, Inc. received court approval of the bid procedures for testosterone drug Jatenzo, its only commercial asset, according to an order filed with the U.S. Bankruptcy Court for the District of Delaware.

The company is authorized to select a stalking horse bidder for the asset. Clarus has until 4 p.m. ET on Sept. 30 to choose a stalking horse.

Bid protections under the stalking horse agreement would include an up to $400,000 expense reimbursement and an up to 3% breakup fee.

The bid deadline is 4 p.m. ET on Oct. 10.

An auction will be held on Oct. 13.

A sale hearing will take place on Oct. 26.

The company has until Oct. 27 to close the sale.

The Northbrook, Ill.-based pharmaceutical company filed bankruptcy under Chapter 11 on Sept. 5. The case number is 22-10845.

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