Metabolic Diseases-Focused Eiger BioPharmaceuticals Files For Bankruptcy, Stock Nosedives
Portfolio Pulse from Vandana Singh
Eiger BioPharmaceuticals Inc (NASDAQ:EIGR) filed for Chapter 11 bankruptcy and announced a 'stalking horse' agreement to sell Zokinvy to Sentynl Therapeutics for up to $26.0 million. The sale is subject to court approval and potential competing bids. Eiger aims to sell most of its assets and wind down operations. Previously, Eiger and AnGes Inc. received marketing approval for Zokinvy for progeria. EIGR shares dropped 73.2% to $1.34.
April 01, 2024 | 5:43 pm
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Eiger BioPharmaceuticals filed for Chapter 11 bankruptcy and plans to sell Zokinvy to Sentynl Therapeutics for up to $26 million, subject to court approval. Shares fell 73.2% to $1.34.
Filing for Chapter 11 bankruptcy indicates significant financial distress for Eiger BioPharmaceuticals, leading to a sharp decline in stock price. The sale of Zokinvy, while providing some cash, signals a move towards liquidating assets and winding down operations, further contributing to negative investor sentiment.
CONFIDENCE 95
IMPORTANCE 100
RELEVANCE 100