IntelGenx announces initiation of sale and investment solicitation process

IntelGenx was granted protection pursuant to an order under the Companies’ Creditors Arrangement Act by the Superior Court of Quebec. EY was appointed as monitor. On May 27, 2024, the Court granted an order which approved a sale and investment solicitation process to be conducted in respect of the business and/or assets of the Company, and approved the agreement of purchase and sale between IntelGenx, as vendor, and atai Life Sciences AG, as purchaser, solely for the purpose of constituting the “stalking horse” bid under the SISP. The Stalking Horse Bid establishes a baseline price and deal structure for the solicitation of superior bids from qualified interested parties and provides certainty that a going-concern solution for the business of IntelGenx has already been identified. Ernst & Young Orenda Corporate Finance Inc. and its affiliate, Ernst & Young Corporate Finance (Canada) Inc. shall be assisting the Company and the Monitor in connection with the SISP process. The SISP is a two-phased process with the Phase 1 bid deadline set for July 15, 2024.