Matchpoint Therapeutics, a biotechnology startup seeded by Atlas Venture and Access Biotechnology, emerged from stealth on Friday with plans to develop covalent drugs for autoimmune diseases.
The National Company Law Tribunal (NCLT) on Monday approved Gurgaon-based Dhanuka Laboratories’ Rs 1,116 crore resolution plan to take over the debt ridden Orchid PharmaNSE 4.35 % in what could be termed as yet another case resolved under the Insolvency and Bankruptcy Code (IBC). nnnRead more at:n//economictimes.indiatimes.com/articleshow/69950982.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Gurgaon-based Dhanuka Laboratories has been shortlisted as the highest qualified bidder to take over distressed company Orchid PharmaNSE 4.72 %. The company has bid less than 1,000 crore for Orchid that owes lenders 3,200 crore, which means lenders will vote for what will effectively mean a close to 70% haircut.
There are three pharmaceutical bidders for debt-ridden Orchid Pharma Ltd in the second round of Corporate Insolvency Resolution Process (CIRP) -- Gurgaon-based Dhanuka Laboratories, Chennai-based Accord Life Spec and Hyderabad-based Covalent Laboratories -- and the one with the highest bid might get a nod from the bankers for the resolution plan.