Valeritas Holdings, Inc. (NASDAQ: VLRX) (“Valeritas” or the “Company”), a medical technology company and maker of the V-Go® Wearable Insulin Delivery device, announced Sunday an agreement to sell substantially all of the business to Zealand Pharma A/S (NASDAQ: ZEAL) (“Zealand”), a Denmark-based biotechnology company. The transaction contemplates the retention of nearly the entirety of the Valeritas workforce. To accomplish the sale in the most efficient manner, Valeritas and its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Court”). Concurrently, the Company filed a motion requesting approval of a stalking horse asset purchase agreement with Zealand and to initiate a competitive bidding process under Section 363 of the Bankruptcy Code designed to achieve the highest or otherwise best offer for the business.
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Source: https://www.prnewswire.com/news-releases/valeritas-announces-agreement-for-zealand-pharma-to-acquire-business-and-retain-employees-301001626.html