Eiger BioPharmaceuticals gets court approval of bid procedures

By Sarah Lizee

Olympia, Wash., April 8 – Eiger BioPharmaceuticals, Inc. received approval of bid procedures from the U.S. Bankruptcy Court for the Northern District of Texas on Friday, according to an order.

Eiger also received approval of a stalking horse agreement for the sale of Zokinvy (lonafarnib) to Sentynl Therapeutics, Inc.

Under the terms of the agreement, 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.

For the Zokinvy assets, the bid deadline is April 15, an auction is set for April 17, and a sale hearing will take place on April 23.

For all other assets, the bid deadline is June 10, an auction is set for June 14, and a sale hearing will take place on June 20.

The Palo Alto, Calif.-based biopharmaceutical company filed bankruptcy under Chapter 11 case number 24-80040.

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