Aegerion Wins Approval of Bankruptcy Plan, Sale to Amryt

Aegerion Pharmaceuticals Inc. won court approval of its Chapter 11 bankruptcy plan that will result in the sale of the rare disease drug developer to Ireland-based Amryt Pharma Plc.

To complete the deal, Amryt said it’s distributing its shares to Aegerion’s parent Novelion Therapeutics Inc. and some of Aegerion’s unsecured creditors, as well as convertible bond holders.

Unsecured creditors will get Amryt shares worth 80.7% of their claims of about $305 million, Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York said Sept. 10.

The U.S. government also will get $26.5 million that Aegerion ...