DeCode Files For Ch. 11 With Plan To Sell Assets

By Jocelyn Allison

Law360, New York (November 17, 2009, 6:39 PM ET) -- Following 13 years of failing to make a profit on its research and development activities, Iceland-based genetic research company deCode Genetics Inc. has filed for Chapter 11 protection with a plan to sell its assets to Saga Investments LLC.

The company filed its petition Monday in the U.S. Bankruptcy Court for the District of Delaware, along with a plan to sell its Icelandic subsidiary Islensk Erfdagreining and drug discovery and development programs to Saga.

IE conducts deCode's human genetics research; manages its population genetics resources; and...
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