Once picked as a $500M winner, bankrupt Achaogen auctions off its antibiotic for a fraction of that
Achaogen has just about wrapped up its going-out-of-business sale, with a small group of buyers from around the globe picking up its main antibiotic assets for a song. And they’re just one short telephone auction away from selling their last remaining clinical program.
Bankrupt and running out of cash $AKAO after going $186 million in the red last year, the biotech has now sold off the global rights to Zemdri (plazomicin for multidrug-resistant, gram-negative pathogens) along with its lab equipment for just $16 million. Heritage Global Partners got the lab equipment. Cipla USA got all global rights to Zemdri outside of China, while QiLu Antibiotics Pharmaceutical bagged the royalty-free China rights.
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