Eiger BioPharmaceuticals, Inc. filed a motion in the US Bankruptcy Court for the sale of its substantially all its assets on April 1, 2024. The debtor seeks the Court?s approval for the sale of substantially all its assets to Sentynl Therapeutics, Inc, the Zokinvy stalking horse bidder, for a purchase price of $26 million pursuant to the asset purchase agreement on March 31, 2024. The debtor assets includes Zokinvy assets and other remaining assets.

To qualify as a qualified bidder, interested parties should submit their bids by April 15, 2024 and for remaining assets by June 10, 2024, along with good-faith deposit in the amount of $1.30 million. The initial minimum overbid should be at least $0.38 million of purchase price. The debtor has scheduled an auction on April 17, 2024, and for remaining assets by June 14, 2024.

At the auction, the subsequent bids would be in increments of $0.38 million. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement of $0.60 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for April 22, 2024, and for remaining assets by June 20, 2024.