Creditors of Novelion Therapeutics' Aegerion Pharmaceuticals unit have approved a bankruptcy plan that gives the drugmaker's business to Amryt Pharma, The Wall Street Journal reported Friday.
The Juxtapid manufacturer filed for bankruptcy in May with a deal to recapitalise approximately $414 million in outstanding debt and awarded its business to Amryt.
The news comes after a Canadian judge dismissed a lawsuit accusing Novelion of wrongfully disposing its investment in Aegerion without consulting shareholders.
Separately, Aegerion continues to face mounting legal costs linked to probes by the Justice Department and Securities and Exchange Commission over its marketing of Juxtapid.
In court documents, the firm indicated that it owes $26.4 million in instalment payments to state and federal regulators through 2021 in response to guilty pleas to allegations of violations of the Federal Food, Drug and Cosmetic Act.
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