Allena Pharmaceuticals, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on September 2, 2022. The debtor seeks the Court's approval for the sale of substantially all its assets to the successful bidder, pursuant to the asset purchase agreement. To qualify as a qualified bidder, interested parties should submit their bids by November 1, 2022, along with good-faith deposit in the amount of 10% of the purchase price.

The debtor has scheduled an auction on November 4, 2022. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement in case of termination of the asset purchase agreement. The sale hearing is scheduled for November 7, 2022.