The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Allena Pharmaceuticals, Inc. on September 28, 2022. The Court approved the asset purchase agreement between the debtor and successful bidder, for the sale of its substantially all its assets. To qualify as a qualified bidder, interested parties should submit their bids by November 22, 2022.

If the debtor receives any qualified bids then it would hold an auction for its assets on November 30, 2022. The stalking horse bidder would be entitled to a break-up fee shall not exceed 3% of of the cash component of any stalking horse bid and expense reimbursement in case of termination of the asset purchase agreement. The sale hearing is scheduled for December 6, 2022.