04:33 PM EDT, 07/19/2024 (MT Newswires) -- IntelGenx Technologies (IGX.TO), a drug delivery company focused on the development and manufacturing of pharmaceutical films, on Friday said that the deadline set for the previously announced sale and investment solicitation process, or SISP, has lapsed.

Since phase 1 of the SISP did not result in alternative superior bids, the company and Atai Life Sciences will start the process to complete the purchase and sale transaction.

The companies are expecting to gain final approval from the Quebec Superior Court (Commercial Division) and close the deal before Sept. 30.