Valeritas Files For Bankruptcy; To Sell All Of Its Business To Zealand Pharma

(RTTNews) - Valeritas Holdings Inc. (VLRX) and its subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.

Meanwhile, Zealand Pharma (ZEAL) announced a bid to acquire substantially all assets from Valeritas Holdings for a total cash consideration of $23 million and the assumption of certain liabilities related to the ongoing business.

Valeritas also confirmed that it agreed to sell substantially all of the business to Zealand Pharma A/S. The transaction contemplates the retention of nearly the entirety of the Valeritas workforce.