Icelandic drug developer, DeCODE Genetics, has filed for bankruptcy protection in the U.S., The Wall Street Journal reports. Under the Chapter 11 filing, the company has reached a preliminary deal to sell most of its operations to Saga Investments for about $14 million, adds Bloomberg.
The proposal by Saga, which is owned by venture-capital investors, Polaris Venture Partners and ARCH Venture Partners, is subject to court approval. The two largest shareholders for the DeCODE, which posted an $80.9 million loss for 2008, are T Rowe Price Associates and Landsbanki Islands.
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