Melinta Therapeutics, Inc., a commercial-stage company focused on the development and commercialization of novel antibiotics to treat serious bacterial infections, confirmed that Deerfield Management Company, L.P., the lenders under the company’s senior credit facility, has been designated as the highest and best offer for the company and its assets following the completion of a formal marketing process, according to a press release. The auction scheduled for March 6, 2020 will not proceed, as no party submitted a higher and better bid in accordance with the bidding procedures established by the U.S. Bankruptcy Court for the District of Delaware. Under the terms of the previously announced restructuring support agreement, Deerfield will acquire the company as a going concern by exchanging its secured claims arising under its senior credit facility for 100 percent of the equity to be issued by the reorganized Melinta pursuant to a pre-negotiated chapter 11 plan of reorganization. Melinta will seek court approval to assume its agreement with Deerfield on March 13, 2020, and expects that the chapter 11 plan implementing the Deerfield transaction will be confirmed by the court on April 2, 2020.
