Eiger BioPharmaceuticals plunges on Chapter 11 bankruptcy filing

Eiger Biopharmaceuticals

01/04/2024 16:44

** Shares of Eiger BioPharmaceuticals  EIGR.O  slumps 56.3%
to $2.15 
    ** Drugmaker says it has filed for voluntary Chapter 11
bankruptcy protection
    ** Also announces "stalking horse" deal to sell its genetic
disorder drug Zokinvy to privately held Sentynl Therapeutics for
up to $26 mln, subject to court approval 
     ** A stalking horse bid is an initial bid on the assets of
a bankrupt company
     ** Intends to sell substantially all of its assets during
the bankruptcy case and to facilitate an orderly wind down of
its operations- EIGR 
    ** Says patient access to Zokinvy to continue uninterrupted
    ** Up to last close, stock has fallen 68.5% YTD  

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))