https://www.casselsalpeter.com/wp-content/uploads/2019/11/Achaogen_logo.jpg 250 250 roaradmin http://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.png roaradmin2019-06-01 17:01:082020-12-08 14:37:10Achaogen 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
- 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.