Achaogen, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on April 15, 2019. The debtor seeks the Court’s approval for the sale of substantially all its assets to the stalking horse bidder or the winning bidder at the auction. Prior to the auction, upon consultation with the DIP lender, the debtor will select the highest qualified bid it has received to serve as the opening bid at the auction, which may be a stalking horse bid. To qualify as a qualified bidder, interested parties should submit their bids by May 29, 2019, a good faith cash deposit equal to 10% of the value of the Qualified Bidder’s total proposed purchase price. The initial minimum overbid should be at least $0.5 million more than the initial purchase price or baseline bid. The debtor has scheduled an auction on June 3, 2019. At the auction, the subsequent bids would be in increments of $0.25 million. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement in case of termination of the asset purchase agreement. The sale hearing is scheduled for June 6, 2019. The deadline to close proposed sale transaction is June 13, 2019.