Bankrupt Teligent Set To Raise $87m Following Auction Process
Leiters And PAI Join Hikma With Deals For New Jersey-Based Firm’s Assets
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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Opening bids totaling $64m have been submitted for bankrupt Teligent’s assets across the US and Canada, weeks after the injectables specialist entered Chapter 11 bankruptcy proceedings.
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.
Teligent has achieved a “pivotal step in our journey toward securing a strong financial future,” according to management, after recapitalizing its significant debt burden and gaining access to more cash.