VIVUS, Inc. filed a motion in the US Bankruptcy Court for the sale of certain assets on October 20, 2020. The debtor seeks the Court’s approval for the sale of its certain assets to the highest bidder of the auction. To qualify as a qualified bidder, interested parties should submit their bids by December 23, 2020, along with good-faith deposit in the amount of 5% of the bid price. The initial minimum overbid should be at least $1 million. The debtor has scheduled an auction on December 29, 2020. The potential bidders would not be entitled to any break-up fee or expense reimbursement in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 12, 2021.