Hatboro-based life sciences consulting firm Azzur Group has filed for Chapter 11 bankruptcy protection, writes John George for the Philadelphia Business Journal.
The company has agreed to sell its consulting division to Eliquent Life Sciences of Washington, D.C., for $56 million, pending approval from the U.S. Bankruptcy Court. Supported by Eliquent’s lead investor, GHO Capital, the deal will see over 260 consultants, engineers, and scientists, along with unit president Allison Kerska, transition to Eliquent.
Azzur Group is also seeking buyers for its cleanrooms-on-demand segment, which employs about 60 people and provides modular clean rooms for pharmaceutical and biotech companies. The company’s bankruptcy filing lists assets and liabilities between $100 million and $500 million, but annual revenue figures remain undisclosed.
Azzur’s largest unsecured creditors include 1955 North Loop Owner LLC, Angstrom Technology, and Barker Contracting, with claims totaling millions. The Chapter 11 filing aims to facilitate a sale with minimal disruption to clients and employees, with Eliquent acting as the stalking horse bidder.
Eliquent CEO Tim Dietlin stated that Azzur’s consulting business aligns well with Eliquent’s focus on quality compliance and regulatory affairs. Azzur is represented by DLA Piper, Brown Gibbons Lang & Co., and Ankura Consulting in the restructuring process.
Read more about plans for Hatboro’s Azzur in the Philadelphia Business Journal.
