Valeritas Files Chap 11;Sells Most of Business to Zealand Pharma

Valeritas Holdings agreed to sell substantially all of its business to Zealand Pharma in a deal that provides total cash consideration of $23 million, including assumption of certain liabilities related to the ongoing business, co. says in a press statement.

• Co. seeks to retain retention of nearly all of its staff during process; expects to continue operating business
  • Obtained commitment for debtor-in-possession financing from HB Fund
  • DIP financing to provide sufficient liquidity to support operations during process, including production and sale of V-Go
• Valeritas and subsidiaries filed voluntary Chapter 11 under U.S. Bankruptcy Court for the District of Delaware

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