Troubled Teligent Enters Bankruptcy Proceedings As CEO Resigns
Expects To Conclude Sale Of Entire Business Or Core Assets By Early 2022
Teligent is pursuing an asset sale process to “maximize the value of the company” after entering into Chapter 11 bankruptcy proceedings in the US. The firm – which has also seen CEO Tim Sawyer resign – had been struggling of late with remediation issues to address a warning letter at its Buena manufacturing facility in New Jersey, as well as a recent recall.
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After filing for Chapter 11 bankruptcy protection in October last year, Teligent has sewn up the sales of its Buena manufacturing site and ANDAs, with an auction process providing mixed results.
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New Jersey-based Teligent reported a low quarter as the company continues to focus on remediation measures to lift the FDA warning letter hanging over its Buena New Jersey manufacturing facilty. Teligent has also recently recalled a batch of its 4% lidocaine hydrochloride topical solution because the firm’s testing found it to be super potent.