Brief: Orphazyme Says Under In-Court-Restructuring To Sell Substantially All Of Its Assets And Business Activities To Kempharm, Inc.

Strategic Partners A/S

15/05/2022 22:04

May 15 (Reuters) - Orphazyme A/S  ORPHA.CO :
    * PRESS RELEASE - ORPHAZYME A/S UNDER IN-COURT-RESTRUCTURING
TO
SELL SUBSTANTIALLY ALL OF ITS ASSETS AND BUSINESS ACTIVITIES TO
KEMPHARM, INC.
    * ORPHAZYME-KEMPHARM TO ACQUIRE CO ASSETS, INCLUDING THOSE
RELATING TO DEVELOPMENT AND APPROVAL OF ARIMOCLOMOL
    * MAJORITY OF ORPHAZYME'S APPROXIMATELY 20 CURRENT EMPLOYEES
WILL
BECOME EMPLOYEES AT KEMPHARM
    * ORPHAZYME- KEMPHARM TO ACQUIRE CO'S ASSETS FOR A TOTAL OF
USD
12.8 MILLION IN CASH AND ASSUMED LIABILITIES ESTIMATED TO EQUAL
APPROXIMATELY USD 5.2 MILLION
    * ORPHAZYME-COMPLETION OF TRANSACTION IS EXPECTED TO RESULT
IN
FULL OR VERY HIGH COVERAGE TO CREDITORS WITH UNDISPUTED CLAIMS
BASED ON CLAIMS FILED
    * FOLLOWING COMPLETION OF DEAL, ORPHAZYME WILL NO LONGER
HAVE ANY
ONGOING OPERATIONAL BUSINESS ACTIVITIES

Source text for Eikon:  ID:nGNX7shCn9 
Further company coverage:  ORPHA.CO 

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