SIGA Technologies files for Chapter 11 reorganization

16 September 2014

Biological warfare defense firm SIGA Technologies (Nasdaq: SIG) has filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York.

The filing allows SIGA to challenge an expected damages award to competitor USA-based biodefense company PharmAthene (NYSE MKT: PIP) of as much as $232 million without posting the bond (The Pharma Letter August 11). SIGA shares fell 21.5% to $1.13 in early trading today, while PharmAthene dropped 10.9% to $1.96.

Aims to preserve ability to satisfy smallpox drug delivery to government

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK