Teligent Inc on Friday secured court approval to access part of a $12 million loan to fund operations while the generic drugmaker works through its bankruptcy and sale process.
. Teligent reported nearly $130 million in debt and blamed its troubles on the combination of manufacturing violations identified by the U.S. Food and Drug Administration and the COVID-19 pandemic.
Teligent, represented by Young Conaway Stargatt & Taylor and K&L Gates, is pursuing a sale process that it expects to conclude at the end of January. Interested parties looking to make lead bids for the company have until Nov. 22 to do so. In 2019, the FDA identified several violations of manufacturing regulations at Teligent’s Buena, New Jersey facility and required the company to come into compliance. Teligent then conducted a product review and recalled certain products, while halting manufacturing on others.
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