The assets of Melinta Therapeutics will go to creditor Deerfield Management after no bidders for the company emerged, the antibiotics developer announced Wednesday.
Under a court-approved Chapter 11 bankruptcy plan, any bids for the company were due by March 2. An auction was scheduled for March 6 in the event any bids were submitted. But with no other proposals made, the $140 million minimum bid that Deerfield had set to start the auction process becomes the winning proffer.
Deerfield had provided financing for Morristown, NJ-based Melinta in connection with the biotech’s 2018 acquisition of the infectious disease business of The Medicines… Read more »
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