Melinta Therapeutics Inc., a Morristown-based developer of antibiotics that filed for chapter 11 bankruptcy protection in December, announced this week that Deerfield Management Co. L.P. has been chosen as the successful bidder for the company after the formal marketing process.
Melinta will not proceed with an auction scheduled for this week, under the rules set forth by the bankruptcy court. Funds managed by Deerfield will acquire the company in exchange for secured claims as the holder of Melinta’s senior credit facility, according to a news release.
The court must approve the transaction, and Melinta will continue to operate its business in normal fashion, as it has since the Dec. 27 filing.
Melinta’s advisers included: Skadden, Arps, Slate, Meagher & Flom LLP; McDermott, Will & Emory; Portage Point Partners LLC; and Jefferies LLC. Deerfield’s advisers included: Sullivan & Cromwell LLP; Landis Rath & Cobb LLP; and Houlihan Lokey.