Roivant Sciences GmbH entered into an asset purchase agreement to acquire substantially all of the assets from PhaseRx, Inc. (NasdaqCM:PZRX) for $6.8 million on January 31, 2018. The consideration includes payment of cash in $0.8 million and at closing Roivant shall issue to Hercules Capital, Inc. (lender to PhaseRx) promissory note of $6 million in certain milestones payments. The transaction is subject to the Bankruptcy Court approval and satisfaction of customary closing conditions. On February 1, 2018, the Bankruptcy Court entered an order approving the sale. The transaction is expected to close on February 2, 2018. All proceeds from the auction will be used to satisfy PhaseRx’s liabilities to the PhaseRx’s creditors. Christopher A. Ward and Shanti M. Katona of Polsinelli PC acted as legal advisor to PhaseRx and Frank Rahmani of Cooley LLP acted as a legal advisors to Roivant. Roivant Sciences GmbH cancelled the acquisition of substantially all of the assets from PhaseRx, Inc. (NasdaqCM:PZRX) on January 31, 2019.