DOJ Unit Opposes Lead Bid for AmplifyBio’s Assets in Bankruptcy

The Justice Department’s bankruptcy monitor asked a court to reject the lead offer for biotech firm AmplifyBio’s assets, saying it’s about $10 million below the minimum value.

The US Trustee objected to AmplifyBio’s motion to approve $20 million bidding procedures with Battelle Memorial Institute, the proposed stalking horse bidder, according to a Monday filing in the US Bankruptcy Court for the Southern District of Ohio.

AmplifyBio, which provides research and manufacturing services to drugmakers, filed for Chapter 11 bankruptcy in May. Battelle, its pre-bankruptcy lender that also holds ownership interests in the company, is also set to provide new financing ...