Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On March 12, 2020, the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") entered an order (the "DIP Order") granting final approval of the Company's (as defined below) senior secured priming debtor-in-possession financing facility (the "DIP Facility") by and among Valeritas Holdings, Inc. (the "Company") and certain of its subsidiaries (the "Sellers"), as borrower, the Lenders (as defined therein) party thereto, and HB Fund LLC, as the "DIP Lender." Under the terms of the DIP Order, the Company will have access to the full $12.0 million DIP Facility.

Item 8.01 Other Events.

The Bankruptcy Court is scheduled to hear a motion, on March 20, 2020, to issue an order approving the sale by the Company of substantially all of its assets (the "Asset Sale") to Zealand Pharma A/S ("Zealand") pursuant to that certain asset purchase agreement, dated as of February 9, 2020, by and among the Sellers and Zealand, as the stalking horse bidder. The Company received no other bids by the bid deadline of March 12, 2020. Assuming approval by the Bankruptcy Court, the Asset Sale is expected to close on or around April 3, 2020.

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