Aegerion Pharmaceuticals filed for bankruptcy, the Cambridge, Mass.-based drugmaker said May 21.
The Chapter 11 bankruptcy filing is part of a transaction with Amryt Pharma, under which Aegerion will sell all of its stock to Amryt and become a wholly owned unit of the Dublin-based company, according to Reuters.
Aegerion, a subsidiary of Novelion Therapeutics, cited a heavy debt load and burdens associated with federal drug marketing probes as reasons for the transaction and bankruptcy filing.
Aegerion said revenue for Juxtapid, its cholesterol drug, fell after the company agreed to settle a Department of Justice investigation in 2017, according to the report.