In a Delaware court, a lawyer representing bankrupt opioid drug maker INSYS Therapeutics (OTCPK:INSYQ) said that the company is still working on selling Subsys (fentanyl sublingual spray) but has postponed holding an auction for the painkiller. The company believes its assets are worth $175M.
U.S. Bankruptcy Judge Kevin Gross approved the sale of Epinephrine and Naloxone nasal sprays for $17M to Hikma Pharmaceuticals and cannabis-related drugs to Chilion Group Holdings US for $12M.
Judge Gross also instructed the company to rewrite its employee severance plan to ensure that those who broke the law don’t benefit from the proposed program.
The company declared bankruptcy in June under the weight of opioid lawsuits connected to its role in the U.S. opioid epidemic.
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