DLA Piper represented Otsuka America Pharmaceutical, Inc. (OAPI) in connection with its stalking horse bid to purchase substantially all of the assets of Proteus Digital Health, Inc., including its ingestible and wearable sensor technology. The transaction closed on August 20.
On June 15, Proteus filed for chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware. The sale of assets to OAPI was approved on August 19 by Judge Brendan L. Shannon over the objection of a group of preferred equity holders, who sought a prolonged liquidation sale of Proteus instead.
“We were pleased to have been able to achieve a swift resolution for OAPI in this matter, thanks to the extensive restructuring experience of our team, and we look forward to continuing to support OAPI in its business objectives as it continues efforts to advance digital medicine,” said Jamila Justine Willis, who led the DLA Piper restructuring team representing OAPI, along with John Lyons.
In addition to Lyons (Chicago) and Willis (New York), the DLA Piper team also included partners Jeffrey Torosian (Chicago) and Stuart Brown (Wilmington); and associates Jade Williams, Loren Scolaro (both of Chicago) and Marina Ahmad (Los Angeles).
DLA Piper’s Restructuring lawyers have significant experience advising clients in connection with distressed acquisitions and bankruptcy sales. The Restructuring team advises clients on all matters relating to public and private companies in underperforming and distressed situations, managing assignments from the mid-market to the largest national and international restructurings and insolvencies.
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