Valeritas sells business for $23M to Danish biotech firm

Valeritas Holdings Inc., a Bridgewater-based medical technology company, will sell substantially all of its business to Zealand Pharma, a Denmark-based biotechnology company, for $23 million.

Once the deal has closed, Zealand will continue to operate Valeritas’ and retain the majority of its employees.

“We are pleased to receive the Court’s approval of the sale of our business to Zealand, a company that is committed to continuing the commercialization of V-Go,” John Timberlake, CEO and president of Valeritas, said. “Under new ownership, our team will be well positioned to continue to work hard to improve the health of and simplify the lives of people with diabetes. I want to take this opportunity to thank our employees for their loyalty and dedication to the Valeritas mission and to serving our patients and prescribers during this process.”

The deal is expected to close in the first week of April.

DLA Piper LLP will serve as legal counsel, Lincoln International is serving as investment banker and PricewaterhouseCoopers LLP is serving as financial advisor to Valeritas.