Eiger BioPharmaceuticals Files For Voluntary Chapter 11 Protection; Announces "Stalking Horse" Agreement For The Sale Of Zokinvy To Sentynl Therapeutics For Up To $26M; Access To Zokinvy To Continue Uninterrupted
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Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR) has filed for Chapter 11 bankruptcy protection and announced a 'stalking horse' agreement to sell Zokinvy to Sentynl Therapeutics for up to $26M. The sale is subject to court approval and other potential bids. Eiger aims to sell most of its assets and wind down operations smoothly, ensuring uninterrupted access to Zokinvy for patients.
April 01, 2024 | 3:16 pm
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Eiger BioPharmaceuticals has filed for Chapter 11 bankruptcy and intends to sell Zokinvy to Sentynl Therapeutics for up to $26M, aiming for an orderly wind down of operations.
Filing for Chapter 11 bankruptcy typically has a negative impact on a company's stock price due to the uncertainty and financial distress it represents. The sale of Zokinvy, while providing some cash, indicates a move towards liquidating assets rather than growth, further contributing to a negative outlook in the short term.
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