Valeritas Receives Court Approval of Sale of Business to Zealand Pharma
Zealand Pharma A/S - American Depositary Shares (ZEAL)
Last zealand pharma a/s - american depositary shares earnings: 11/15 04:01 pm
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Source: PR Newswire
BRIDGEWATER, N.J., March 20, 2020 /PRNewswire/ -- Valeritas Holdings, Inc. (OTCPK: VLRXQ) ("Valeritas" or the "Company"), a medical technology company and maker of the V-Go® Wearable Insulin Delivery device, today announced that the U.S. Bankruptcy Court for the District of Delaware (the "Court") approved the sale of substantially all of the business to Zealand Pharma A/S (NASDAQ: ZEAL) ("Zealand"), a Denmark-based biotechnology company. The transaction is expected to be completed during the first week of April, subject to the satisfaction of applicable closing conditions. Zealand submitted the previously announced stalking horse bid on February 9, 2020. Under the terms of the executed asset purchase agreement filed with the Court, the total consideration includes $23 million of cash and the assumption of certain liabilities related to the ongoing business.The agreement contemplates that Zealand, at close, would continue the Company's commercially-focused operations and retain the maj
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