Nobody but Deerfield wants Melinta; Novartis finds a new drug discovery partner
→ Melinta Therapeutics — one of the myriad of companies that crashed and burned in the ‘broken’ market for antibiotics — will be officially swallowed by Deerfield. Melinta had filed for chapter 11 bankruptcy late last year and had signed a deal to turn over control to Deerfield in exchange for the $140 million of senior debt it holds in the company. The plan was to complete a reorganization in bankruptcy, and wait for better offers — but on Wednesday Melinta said the auction scheduled for March 6 would not proceed, as no party submitted a higher and better bid than Deerfield.
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.