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MONTREAL - Quebec's superior court has given its approval for Haemacure Corp. (TSX:HAE) to sell its assets to Angiotech Pharmaceuticals, Inc. (TSX:ANP).
Haemacure, a medical technology developer based in Montreal, filed for bankruptcy in January in Canada and the United States.
It has already received approval for the plan from the U.S. court.
Vancouver-based Angiotech, a secured creditor, agreed to provide financing for both the insolvency proceedings and Haemacure's daily operations.
Angiotech and Haemacure partnered last year to develop Haemacure's sealant and thrombin products for use in surgeries and other medical procedures.
The asset sale is expected to be completed before April 19.
