Healthcare & Pharmaceuticals
MERU CASE STUDY
Restructured a biopharmaceutical company through successful 363 sale and wind-down
COMPANY OVERVIEW
- Publicly traded biopharmaceutical company that developed and commercialized innovative antibacterial agents to address
multi-drug resistant gram-negative infections in the U.S. - The Company faced liquidity concerns and needed assistance in evaluating strategic alternatives after unsuccessfully pursuing additional funding
- As a result, Achaogen filed for bankruptcy protection in April 2019
OUR APPROACH
- Served as Chief Restructuring Officer
- Built the company’s 13-week cash flow model and assisted the controller with weekly cash management
- Led all aspects of the Chapter 11 bankruptcy process which included fulfilling reporting requirements, creditor negotiations, due diligence requests, and contract reviews for the estate
- Developed and presented a key employee retention plan
OUR IMPACT
Successfully led the Company through a complex §363 sale process which resulted in multiple foreign and domestic buyers. The process included a CFIUS review as the U.S. government-funded IP that was sold was funded through a Health and Human Services bioterrorism grant (BARDA).
Effectively managed smooth transition to new buyer once asset sale was complete.
Gained Chapter 11 court approval for a retention plan that included 100% of the employee base.