Data from Pharmawand - Curated by EPG Health - Date added 11 February 2020

Zealand Pharma A/S, announces a bid to acquire substantially all assets from Valeritas Holdings, Inc. for a total cash consideration of $23 million and the assumption of certain liabilities related to the ongoing business, pursuant to the terms of the “stalking horse” asset purchase agreement entered into with Valeritas. On February 9, 2020, Valeritas and its subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. At that time, Zealand entered into a definitive agreement to acquire substantially all assets from Valeritas. Under the terms of the agreement, Zealand serves as the stalking horse bidder in a sale process.Zealand’s strategy is to become a fully integrated biotechnology company with commercial operations in the U.S., and Zealand is preparing for the anticipated launch of the dasiglucagon HypoPal rescue pen in 2021, if approved by the FDA. The contemplated bid provides Zealand with an opportunity to acquire a revenue-generating business and infrastructure, accelerating ongoing efforts to prepare for the anticipated dasiglucagon HypoPal launch while leveraging the Valeritas organization’s experience and relationships within the U.S. diabetes market.

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