Specialty drugmaker enters bankruptcy

Avadel Specialty Pharmaceuticals has filed for Chapter 11 bankruptcy after reporting underperforming sales of its drug to curb nighttime urination.

The decision to enter bankruptcy is part of a broader restructuring at Avadel Pharmaceuticals, its parent company. Avadel Specialty is solely responsible for the production of the nighttime urination drug, Noctiva.

The specialty drugmaker plans to sell off its assets and wind down its business, according to the declaration filed in a Delaware Bankruptcy Court.

Advadel listed assets of $79.7 million and debts of $167.4 million, according to The Wall Street Journal.

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