Sienna Biopharmaceuticals sets bid procedures, eyes Dec. 5 auction

By Caroline Salls

Pittsburgh, Oct. 23 – Sienna Biopharmaceuticals, Inc. requested court approval of the bid procedures for the proposed sale of substantially all of its assets, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Under the company’s proposed sale timeline, the bid deadline would be 5 p.m. ET on Dec. 2.

An auction would be held on Dec. 5, if necessary, and the sale hearing would be scheduled for Dec. 10.

Sienna said it may select a stalking horse bidder for the assets and may offer that bidder protections in the form of a break-up fee and expense reimbursement to be paid if the stalking horse bidder is not ultimately the winning bidder.

A hearing is scheduled for Nov. 12.

Sienna is a Westlake Village, Calif.-based clinical-stage biopharmaceutical company. It filed for bankruptcy on Sept. 16. The Chapter 11 case number is 19-12051.

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