Pernix Therapeutics files for bankruptcy, blames generic competition

Alia Paavola - Print  | 

Pharmaceutical company Pernix Therapeutics Holdings, based in New Jersey, filed for Chapter 11 bankruptcy Feb. 18 amid lagging drug sales.

The drugmaker attributed its decision to file for bankruptcy  protection to increased generic competition and losing two key products. It also has struggled with debt.

Pernix has entered into an asset purchase agreement with debt holder Highbridge Capital Management. The agreement serves as a stalking-horse bid to acquire most of the drugmaker's assets for about $76 million.

The company plans to continue operations while working to complete the sale of its assets.

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