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BIND Therapeutics files bankruptcy court motion after stalking horse from Pfizer

Staff Writer |
BIND Therapeutics has filed a motion for court approval of a stalking horse asset purchase agreement bid from Pfizer for the purchase of the majority of BIND’s assets.

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The agreement is the initial stalking horse bid to be followed by an orderly auction process. Under terms of the agreement, Pfizer has agreed to acquire substantially all of BIND’s assets for approximately $20 million in cash subject to certain price adjustments. Pfizer has also agreed to assume certain contractual liabilities of BIND.

BIND has requested the U.S. Bankruptcy Court to authorize the company to proceed with an auction on July 25, 2016 for the majority of its assets, provided the company receives qualified overbids no later than July 22, 2016 at 4 p.m. EDT.

BIND Therapeutics intends to select the highest and best offer at the conclusion of the auction. If Pfizer is selected as the successful bidder at the auction, or if no qualified competing bids are submitted, and subject to court and other regulatory approvals, the Company expects to complete the transaction in the third quarter of 2016.

BIND Therapeutics initiated voluntary Chapter 11 bankruptcy protection on May 1, 2016 and is conducting a sale of assets.


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