The drugmaker has reached a debt-for-equity exchange with healthcare investment firm Deerfield Management Co.
Under the agreement, the investment firm will acquire the company and wipe out $140 million in debt.
In the bankruptcy petition, Melinta listed about $500 million in assets and up to $500 million in liabilities, according to Bloomberg.
The drugmaker plans to operate normally through the bankruptcy process.
The company, founded in 2000, sells drugs that treat methicillin-resistant staphylococcus aureus, urinary tract and other bacterial infections.
More articles on pharmacy:
Drugmakers shift from clinical trials, mine EMRs for drug approvals
Roche buys international rights to Sarepta’s Duchenne drug for $750M
Former Aegerion sales rep defrauded insurers, stole identities to push cholesterol drug
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.