3/31/2024 0 Comments Aspire proteus for saleIn approving the sale, Shannon said Otsuka's bid to buy Proteus' assets was executed "at arm's-length, in good faith, and without collusion or fraud," according to the court order. The company filed for Chapter 11 bankruptcy protection June 15. Proteus, founded in 2001, develops ingestible sensors and a wearable sensor patch to track medication-taking behavior. It may be acquired in a $15M 'stalking horse' bid RELATED: Proteus Digital Health was once valued at $1.5B. The group of investors said the sales process was "flawed" and would leave investors with $500 million in equity "holding the bag," according to case documents. Bankruptcy Court for the District of Delaware.Ī group of secured equity holders including drug giant Novartis and two Hong Kong investment firms objected to Proteus' potential sale out of U.S. Ltd. that includes the assumption of certain liabilities, according to the case documents filed in the U.S. The deal is based on a $15 million "stalking horse" offer from the American unit of Otsuka Pharmaceutical Co.
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