Holdings Inc., which makes
painkiller Zohydro and other medications, has filed for bankruptcy
protection after drug sales to consumers fell below expectations.
It blamed a revenue drop partly on fresh competition with generic
versions of its migraine treatment Treximet. In documents filed in
U.S. Bankruptcy Court in Wilmington, Del., company officials said
they already have a $76 million offer from affiliates of Highbridge
Capital Management LLC, which offered to pay cash and forgive some
of its debt.