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Teligent sets bid procedures for assets, names three stalking horses
By Sarah Lizee
Olympia, Wash., Nov. 24 – Teligent, Inc. is seeking court approval of the bid procedures for substantially all of its assets, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.
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.
The company has entered into stalking horse agreements for each of the categories.
Under the stalking horse agreements, Leiters, Inc. has offered $27 million plus assumed liabilities for the facility, SteriMax Inc. has offered roughly $30 million for the Canadian assets, and PAI Holdings, LLC has 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.
Under the proposed bid procedures, bids are due by Jan. 11, an auction will be held on Jan. 13, a sale hearing will be held on Jan. 18, and the sale will close by Jan. 31.
A hearing on the bid procedures is scheduled for Dec. 14.
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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