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Smart pill maker Proteus Digital Health on Monday filed for Chapter 11 bankruptcy, the latest sign of trouble at the Silicon Valley company that was once seen as a showcase for how technology can revolutionize how patients take their medicine.

The filing, first reported by CNBC, marks a dramatic turning point for Proteus, which was once valued at $1.5 billion. The move will allow Proteus to reorganize its business structure and pay down its debt without closing down. The bankruptcy court documents also disclose that the company has tried to pitch itself or its assets as an acquisition target, including to Otsuka, the Japanese drug maker and former partner of Proteus.

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