Valeritas Holdings, a New Jersey-based company that makes insulin pumps, filed for Chapter 11 bankruptcy, the company said.
Zealand Pharma, a Denmark-based drugmaker, will acquire "substantially all" of Valeritas' assets for $23 million, according to a Feb. 9 news release.
Valeritas manufactures the V-Go wearable insulin delivery device.
The company said it will continue operations as normal during the transaction with Zealand.
Read the full news release here.