Graceway Pharmaceuticals Files for Bankruptcy, Seeks Sale to Galderma - (Bloomberg via NewsPoints Desk)

  • Bloomberg reported Thursday that Graceway Pharmaceuticals has filed for bankruptcy protection with a plan to sell its assets to Galderma for $275 million.
  • The company listed debt of as much as $1 billion and assets of as much as $500 million in Chapter 11 documents filed with the US Bankruptcy Court in Wilmington, Delaware.
  • Graceway cited the loss of patent protection on Aldara, a cream used to treat precancerous skin growths and genital warts.
  • Net revenue for the product fell to about $52.2 million in 2010 from around $320.8 million a year earlier after generic versions reached the market.
  • Galderma agreed to buy virtually all of Graceway’s assets in the US and Canada, with the sale expected to complete by the end of January.

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