Creditors of Aegerion Pharmaceuticals Inc. have approved a bankruptcy plan that hands the cholesterol drugmaker’s business to Dublin-based Amryt Pharma PLC, WSJ Pro Bankruptcy reported. Creditors voted overwhelmingly to support the drugmaker’s chapter 11 plan, according to a Thursday filing in U.S. Bankruptcy Court in New York. Bankruptcy Judge Martin Glenn set a confirmation hearing on the plan for Sept. 5. Aegerion, maker of the drug Juxtapid, filed for bankruptcy in May with a deal to recapitalize about $414 million in outstanding debt and deliver the business to Amryt. Aegerion, which is owned by Novelion Therapeutics Inc., has continued to make Juxtapid and its other drug, Myalept, available to patients while in chapter 11 and continue paying ordinary business expenses. Under the plan, Aegerion creditors would own 61.4 percent of Amryt’s common stock once the merger closes, while Amryt would raise $60 million in new equity financing. Novelion’s loan to Aegerion, the parent’s principal asset, would also be converted into stock.
