Purdue lines up $397 million stalking horse bid for non-opioid assets

By Sarah Lizee

Olympia, Wash., April 5 – Purdue Pharma LP is seeking court approval of bid procedures for its non-opioid assets, according to a motion filed in the U.S. Bankruptcy Court for the Southern District of New York.

The assets consist of the company’s consumer health business, which is currently conducted by Avrio Health LP.

The company has lined up a $397 million stalking horse agreement with Atlantis Consumer Healthcare Inc.

The stalking horse agreement includes bid protections consisting of an $11.91 million breakup fee and an up to $3.97 million expense reimbursement.

Under the proposed bid procedures, the bid deadline is 5 p.m. ET on May 15, an auction will be held on May 17, and a sale hearing will take place on May 23.

PJT Partners LP has been engaged as investment banker since the petition date.

A hearing on approval of the bid procedures is scheduled for April 25.

Purdue Pharma is a Stamford, Conn.-based drug manufacturer. It filed for Chapter 11 bankruptcy on Sept. 15, 2019 under case number 19-23649.

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