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Biopure Corp. has completed its $4.05 million asset auction to OPK Biotech LLC.
The struggling blood-technology developer, which filed for bankruptcy protection earlier this year, said the deal is still subject to customary closing conditions. However, Massachusetts bankruptcy court officials have signed off on the transaction, the company said.
Biopure, based in Cambridge, said it has a lower-bid, “back-up” offer in its back pocket, should the OPK deal fall apart unexpectedly. That offer also has the approval of the bankruptcy court.
The company said it expects to close the OPK deal within 30 days.
In addition to buying substantially all of Biopure’s assets, OPK also agreed to acquire Biopure’s 50 percent stake in a partnership that owns the company’s headquarters and some laboratory space. That transaction will cost OPK $850,000.
Biopure does not expect its stockholders to receive “any substantial distributions” from the OPK deals, the company said in a regulatory filing.
Biopure’s injectable blood-replacement technology, designed to support tissues affected by trauma, has failed to gain traction in recent years amid numerous regulatory setbacks. The company filed for bankruptcy protection on July 17.
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