Aegerion Files Ch. 11, Plans $400M Sale To Amryt Pharma

Law360 (May 21, 2019, 3:15 PM EDT) -- Embattled specialty drug company Aegerion has filed for bankruptcy with plans to sell itself to Amryt Pharma PLC for $400 million, a move that comes one year after the company pled guilty in an off-label marketing scheme.

In a first-day declaration filed Tuesday, John R. Castellano of turnaround consultancy AlixPartners said Aegerion was laid low by increased competition and the legal, financial and reputational fallout from the off-label marketing of its key cholesterol drug Juxtapid. AlixPartners is guiding Aegerion through its Chapter 11 case.

Aegerion agreed to pled guilty to two misdemeanor misbranding counts in 2016 and agreed to pay $40 million...

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