SSG Capital Advisors served as the investment banker to Eiger BioPharmaceuticals in the sale of Avexitide and its related clinical assets to Amylyx Pharmaceuticals. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the Northern District of Texas (Dallas Division). The transaction closed in July 2024.
SSG was retained in March 2024 as Eiger’s exclusive investment banker to run concurrent marketing processes for Eiger’s commercial and pipeline drug candidates. Upon effectuating the very successful sale of Zokinvy, Eiger’s only commercial asset in May 2024, SSG began negotiations with multiple parties on the remaining pipeline assets, including Avexitide.
To maximize the value of Avexitide, SSG conducted an accelerated process that garnered strong interest from multiple strategic bidders. SSG successfully negotiated a stalking horse bid prior to the bid deadline. A qualified competing bid was submitted by the bid deadline, and an auction was held on June 17, 2024. After 120+ rounds of bidding, the competing bidder to the stalking horse, Amylyx Pharmaceuticals, produced the highest and best offer for the Avexitide assets, at a purchase price of $35.1 million in cash, 3.5x the stalking horse bid.
Other professionals who worked on the transaction include:
- Thomas R. Califano, William E. Curtin, Carlton Fleming, Anne G. Wallice, Chelsea McManus and Jake A. Landreth of Sidley Austin LLP, counsel to Eiger BioPharmaceuticals
- Douglas Staut, chief restructuring officer, Paul Rundell, Paul Coloma and Reilly Olson of Alvarez & Marsal North America, financial advisor to Eiger BioPharmaceuticals
- Cristine Pirro Schwarzman, Hannah H. England, Jaclyn Malmed, Nyle Hussain, James Gould and Maggie Toms of Ropes & Gray, counsel to Amylyx Pharmaceuticals
- Adam C. Rogoff, P. Bradley O’Neill and Andrew J. Citron of Kramer Levin Naftalis & Frankel, counsel to the senior secured lender
- Michael S. Budwick and Daniel N. Gonzalez, of Meland Budwick, P.A., co-counsel to the Official Committee of Unsecured Creditors
- Jonathan S. Feldman of Phang & Feldman, co-counsel to the official committee of unsecured creditors
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