Los Angeles, 23 January 2020 – International law firm Hogan Lovells is representing biopharmaceutical company Achaogen, Inc. ("Achaogen") in its Chapter 11 bankruptcy. Achaogen was best known for its development of ZEMDRI® (plazomicin), an anti-infective drug approved to treat drug-resistant cUTI.
Following a sale of certain of Achaogen's plazomicin rights in July 2019 (a sale also handled by Hogan Lovells), Achaogen this month consummated a sale to Xuanzhu Biopharmaceutical Ltd. of its Chinese intellectual property and distribution rights to plazomicin. Xuanzhu paid US$4.5 million for these assets.
Achaogen received approval from the Delaware bankruptcy court for the sale on 9 January 2020.
This sale represents one of several that Hogan Lovells has advised Achaogen on during the pendency of its bankruptcy case. Additional sales have included the sale of (i) certain of Achaogen's rights to ZEMDRI (plazomicin) and related assets and liabilities to Cipla USA Inc. for US$4.65 million and additional contingent consideration, (ii) certain of Achaogen's equipment to Heritage Global Partners Inc. for US$225,000, and (iii) Achaogen's development-stage antibody program to Unity Biotechnology, Inc. for US$125,000.
The Hogan Lovells team was led by Los Angeles partners, Erin Brady and Rick Wynne. New York-based counsel Philip Ehrlich and associate Eric Einhorn also provided critical support.