SSG Capital Advisors served as the investment banker to Eiger BioPharmaceuticals in the sale of substantially all of its assets related to the FDA-approved drug Zokinvy to Sentynl Therapeutics. 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 May 2024.
On April 1, 2024, Eiger filed for protection under Chapter 11 of the U.S. Bankruptcy Code to institute a sale process designed to maximize value for all the stakeholders and ensure the continuity of therapeutic access for progeria syndrome patients worldwide. SSG was retained in March 2024 as Eiger’s exclusive investment banker to solicit competing offers to the proposed stalking horse bid for the Zokinvy assets and concurrently run a marketing process for the remaining pipeline assets of Eiger on a separate timeline. The accelerated process for the Zokinvy assets garnered substantial interest from multiple parties worldwide.
A qualified competing bid for the Zokinvy assets was submitted by the bid deadline and an auction was held on April 17, 2024. After 35 rounds of bidding, the Stalking Horse bidder produced the highest and best offer for the Zokinvy assets, at a gross purchase price of $46.1 million in cash. SSG’s extensive Chapter 11 transaction experience, expertise creating a competitive bid environment and knowledge of the biopharmaceutical industry resulted in a process where value was maximized in an expedited time frame.
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, counsel to Eiger BioPharmaceuticals
- Paul Rundell, Doug Staut, Paul Coloma and Reilly Olson of Alvarez & Marsal, financial advisor to Eiger BioPharmaceuticals
- Joshua D. Morse and Jason Stirling of Pillsbury Winthrop Shaw Pittman, counsel to Sentynl Therapeutics
- Clifford W. Carlson of Weil Gotshal & Manges, counsel to the Progeria Research Foundation
- Roger G. Jones and Jay Bender, of Bradley Arant Boult Cummings, counsel to the senior secured lender
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