Both Novo Nordisk and BioGeneriX are existing collaborative partners of Neose. Certain intellectual property rights, including those related to producing glycolipids, have been retained by Neose for future disposition.
The consummation of the asset sales remain subject to certain customary closing conditions, which include approval by Neose’s stockholders. The asset sales are said to be the initial step in a contemplated liquidation of Neose. Stockholder approval will also be required for the plan of liquidation.
Assuming stockholder approval, liquidating distributions, in an amount to be determined, are expected to begin shortly after the closing of the asset sales.
Neose’s preliminary estimate is that there would be between $15 million to $24 million available for distribution over time to common stockholders assuming completion of the asset sales to Novo Nordisk and BioGeneriX, with the final distribution amount to be determined, and the final distribution made, after settlement of certain contingent liabilities and satisfaction of other liabilities.
George Vergis, president and CEO of Neose, said: “We believe that the sale of these assets to our existing collaborative partners maximizes stockholder value and increases the probability that patients will benefit from the continued development of drug candidates that incorporate our intellectual property, including GlycoPEG-GCSF and GlycoPEGylated Factors VIIa, VIII and IX.”