Eiger BioPharmaceuticals Files Chapter 11

Rare Daily Staff

Eiger BioPharmaceuticals, which markets the ultra-rare conditions progeria and progeroid laminopathies drug Zokinvy, filed for chapter 11 protection under the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas.

The company said it has agreed to sell Zokinvy to Sentynl Therapeutics for up to $26 million. The agreement is subject to certain purchase price adjustments, including per diem reductions if the sale closes after April 24, 2024.

In accordance with the Bankruptcy Code, other potential bidders can submit competing bids for the company’s assets through a court-supervised process.

Progeria and progeroid laminopathies are separate and distinct ultra-rare, fatal, genetic premature aging diseases that accelerate mortality in young patients. Progeria is caused by a point mutation in the LMNA gene, yielding the farnesylated aberrant protein, progerin. Progeroid Laminopathies are genetic conditions of accelerated aging caused by a constellation of mutations in the LMNA and/or Zmpste24 genes yielding farnesylated proteins that are distinct from progerin.  While non–progerin producing, these genetic mutations result in disease manifestations with phenotypes that overlap with, but are distinct from, progeria.

Children with progeria commonly die of the same heart disease that affects millions of normally aging adults (arteriosclerosis), by an average age of 14.5 years. Disease manifestations include severe failure to thrive, scleroderma–like skin, global lipodystrophy, alopecia, joint contractures, skeletal dysplasia, global accelerated atherosclerosis with cardiovascular decline, and debilitating strokes. It is estimated that there are 400 children worldwide with progeria and 200 children with progeroid laminopathies. Of these patients, the Progeria Research Foundation has identified approximately 180 children and young adults, including approximately 20 in the United States and 23 in Europe.

Zokinvy blocks the accumulation of defective, farnesylated proteins which form tight associations with the nuclear envelope, leading to cellular instability and the process of premature aging in children and young adults with progeria and processing-deficient progeroid laminopathies.

Eiger said it intends to sell substantially all of its assets during the bankruptcy case and to facilitate an orderly wind down of its operations.