Spruce Biosciences, Inc. completed the acquisition of Substantially all of rights, title, interests, assets in Avexitide of Eiger BioPharmaceuticals, Inc. (OTCPK:EIGR.Q) for $10 million.
July 08, 2024
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Spruce Biosciences, Inc. (NasdaqGS:SPRB) stalking horse asset purchase agreement to acquire Substantially all of rights, title, interests, assets in Avexitide of Eiger BioPharmaceuticals, Inc. (OTCPK:EIGR.Q) for $10 million on June 13, 2024. The Asset Purchase Agreement includes customary representations and warranties and various customary covenants under the circumstances that are subject to certain limitations, including, without limitation, a termination fee of $0.3 million payable to the Spruce Biosciences, Inc., and the right to designate executory contracts and unexpired leases to assume or reject. Following the completion of the auction, the Company was designated the back-up bidder, with a final back-up bid during the auction of a purchase price in the amount of $35.0 million less a credit in the amount of $0.3 million for the termination fee resulting in a net purchase price in the amount of $34.7 million, plus the assumption of specified contractual cure amounts up to $0.3 million. In the event the sale of the Transferred Assets to the winning bidder is approved by the Bankruptcy Court and the winning bidder fails to consummate the acquisition of the Transferred Assets in accordance with the bid procedures approved by the Bankruptcy Court, then the Company would be obligated to promptly consummate the acquisition of the Transferred Assets as the back-up bidder; otherwise, the Company will be paid the $0.3 million termination fee in accordance with the terms of the Asset Purchase Agreement. The sale of the Transferred Assets remains subject to approval by the Bankruptcy Court at a hearing scheduled for June 26, 2024. Jason Kent of Cooley LLP acted as legal advisor to Cooley LLP. Thomas R. Califano, William E. Curtin of Sidley Austin LLP acted as legal advisor to Eiger BioPharmaceuticals, Inc.
Spruce Biosciences, Inc. (NasdaqGS:SPRB) completed the acquisition of Substantially all of rights, title, interests, assets in Avexitide of Eiger BioPharmaceuticals, Inc. (OTCPK:EIGR.Q) on July 9, 2024. As of June 26, 2024 the Bankruptcy Court approved the sale of the Company?s Avexitide asset.
Spruce Biosciences, Inc. is a late-stage biopharmaceutical company focused on developing and commercializing therapies for rare endocrine disorders with significant unmet medical needs. The Company is initially developing its wholly owned product candidate, Tildacerfont, as the potential first non-steroidal therapy for patients suffering from classic congenital adrenal hyperplasia (CAH). It is also developing Tildacerfont for females suffering from polycystic ovary syndrome (PCOS). It has initiated CAHmelia-203, a placebo-controlled, double-blind Phase IIb clinical trial in adult patients with classic CAH with elevated levels of androstenedione (A4) at baseline. It has also initiated CAHmelia-204, a second Phase IIb clinical trial in adult patients with classic CAH on supraphysiologic doses of glucocorticoids with normal or near normal levels of A4 at baseline focused on glucocorticoid reduction. The Company also investigates tildacerfont for the treatment of classic CAH in children.
Spruce Biosciences, Inc. completed the acquisition of Substantially all of rights, title, interests, assets in Avexitide of Eiger BioPharmaceuticals, Inc. (OTCPK: EIGR.Q) for $10 million.
SPRUCE BIOSCIENCES, INC. 
