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Teligent names winning bidders, backup bidders for all assets
By Sarah Lizee
Olympia, Wash., Jan. 14 – Teligent, Inc. named the winning bidders and backup bidders for substantially all of its assets in notices filed Friday with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, the assets are divided into three categories: a pharmaceutical manufacturing and laboratory facility in New Jersey, substantially all of the company’s assets located in Canada, and the U.S. marketing authorizations, which comprises the abbreviated New Drug Applications for generic drug products that the debtors have submitted for approval to the Food and Drug Administration.
On Friday, the company said Leiters, Inc. is the successful bidder for the facility assets.
Hikma Canada Ltd. was named successful bidder for the Canadian assets, and SteriMax Inc. was designated as backup bidder.
PAI Holdings, LLC was the successful bidder for the U.S. marketing authorizations, and Nivagen Pharmaceuticals, Inc. was named backup bidder.
The company had entered into stalking horse agreements for each of the categories.
Under the stalking horse agreements, Leiters had offered $27 million plus assumed liabilities for the facility, SteriMax had offered roughly $30 million for the Canadian assets, and PAI Holdings had offered $7 million plus assumed liabilities for the U.S. marketing authorizations.
Bid protections include a breakup fee of $900,000 and an expense reimbursement of $500,000 for the Canadian assets, a breakup fee of $210,000 and an expense reimbursement of $120,000 for the U.S. marketing authorizations, and up to $810,000 of bid protections for the facility.
A sale hearing is scheduled for Tuesday.
Teligent is a Buena, N.J.-based specialty generic pharmaceutical company. The company filed bankruptcy on Oct. 14 under Chapter 11 case number 21-11332.
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