February 19, 2019 / 10:42 PM / a month ago

Drugmaker Pernix lines up $76 mln offer to sell itself in Chapter 11

Bankrupt drugmaker Pernix Therapeutics Holdings Inc said on Tuesday it had received a stalking-horse bid of nearly $76 million from debt holder Highbridge Capital Management LP as it prepares to sell itself.

Morristown, New Jersey-headquartered Pernix filed for Chapter 11 protection on Monday in U.S. Bankruptcy Court in Delaware after struggling with its debt load and losing two key products and some patents in its generics portfolio.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2BKKpOz

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