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Eiger BioPharmaceuticals files bankruptcy with $53.14 million in debt
By Sarah Lizee
Olympia, Wash., April 1 – Eiger BioPharmaceuticals, Inc. filed Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas, according to a Monday press release.
The company intends to sell substantially all of its assets during the bankruptcy case and to facilitate an orderly wind down of its operations.
Eiger announced a stalking horse agreement for the sale of Zokinvy (lonafarnib) to Sentynl Therapeutics, Inc.
Under the terms of the agreement, subject to court approval, Sentynl Therapeutics will pay up to $26 million, subject to purchase price adjustments, including per diem reductions if the sale closes after April 24.
Other potential bidders can submit competing bids for the company’s assets through the court-supervised process.
Eiger said it filed customary first-day motions with the court requesting relief designed to enable Eiger to transition into Chapter 11 and uphold its commitments to stakeholders during the process without material disruption to its ordinary course of operations.
In its petition, the company listed $38.83 million in assets and $53.14 million in debt.
The largest unsecured claim is from Merck Sharp & Dohme LLC, based in Rahway, N.J., with a $1 million trade payables claim. No other unsecured claims were listed for $1 million or more.
Eiger is represented by Sidley Austin LLP as its legal counsel, Alvarez & Marsal as its financial adviser and SSG Capital Advisors, LLC as its restructuring investment banker.
The Palo Alto, Calif.-based biopharmaceutical company filed bankruptcy under Chapter 11 case number 24-80040.
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