Bankrupt Achaogen’s $4.5 Million Sale of China Business Approved

Achaogen Inc., a bankrupt antibiotics developer, will sell its China business Hong Kong-based Xuanzhu (HK) Biopharmaceutical Ltd. for $4.5 million after a Delaware bankruptcy court approved the deal.

“Go forth and close,” U.S. Bankruptcy Court Judge Brendan L. Shannon said Jan. 9 at a hearing in Wilmington, Del., as he signed the sale order.

The deal, expected to close Jan. 10, will allow Xuanzhu to conduct research, manufacture, and sell Plazomicin Sulfate in Hong Kong, Taiwan, Macau, and mainland China. Plazomicin is the active ingredient in Achaogen’s brand Zemdri, a superbug-fighting antibiotic that the U.S. Food and Drug Administration approved ...