Humanigen, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on January 4, 2024. The debtor seeks the Court?s approval for the sale of substantially all its assets to Taran Therapeutics Inc., the stalking horse bidder, for a purchase price of $2 million in cash along with a credit bid and the assumption of Assumed Liabilities pursuant to the asset purchase agreement. To qualify as a qualified bidder, interested parties should submit their bids by February 7, 2024, along with good-faith deposit in the amount of 10% of the bid price.

The initial minimum overbid should be at least $0.3 million more than the initial purchase price. The debtor has scheduled an auction on February 12, 2024 At the auction, the subsequent bids would be in increments of $0.05 million. The stalking horse bidder would be entitled to a break-up fee of $0.3 million and expense reimbursement of $0.1 million in case of termination of the asset purchase agreement.

The sale hearing is scheduled for February 16, 2024.