Valeritas (NSDQ:VLRX) announced that the company and its subsidiaries filed voluntary petitions for Chapter 11 bankruptcy, having agreed to sell substantially all of the business to Zealand Pharma (CPH:ZEAL).
The agreement is slated to provide a total cash consideration of $23 million along with certain liabilities related to the ongoing business. Once the acquisition is completed, Zealand plans to continue Valeritas’ commercial operations and retain nearly all employees.
