You are here:Home1/casestudy2/Achaogen sold the global assets to Cipla USA
Achaogen sold the global assets to Cipla USA
Background: Achaogen, Inc. (“Achaogen”), based in South San Francisco, CA, is a biopharmaceutical company that develops and commercializes innovative antibacterial agents to address multidrug-resistant gram-negative infections.
Cassel Salpeter:
Served as financial advisor to the Company
Conducted a robust sales process, identifying and contacting approximately 200 strategic and financial parties
Significantly increased the value of the opening bid by running a competitive auction
Provided assistance throughout all phases of the Chapter 11 Section 363 sales process, due diligence, and auctions
Challenges:
Achaogen’s lead asset, ZEMDRI™, had an unsuccessful launch which lead to massive layoffs, including almost all Achaogen’s sales force
Dramatic downturn in the availability of financing from both the debt and equity markets for companies in the anti-infective field
Maximizing value with no stalking horse bidder in place
Outcome: On July 23, 2019, the court approved the sale of Achaogen’s core assets to Cipla USA Inc., a subsidiary of the India-based parent, Cipla Limited. Additional assets were also sold to multiple buyers as part of the bankruptcy sales process.
https://www.casselsalpeter.com/wp-content/uploads/2019/11/Achaogen_logo.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2019-07-01 17:01:082024-01-11 17:48:09Achaogen sold the global assets to Cipla USA
