Impel Pharmaceuticals announced that it is pursuing a sale of the Company and has entered into an agreement with JN BIDCO to serve as the "stalking horse" bidder to acquire the Company and its assets.
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To facilitate an orderly sale process, the Company has filed voluntary petitions to commence chapter 11 proceedings in the U.S. Bankruptcy Court for the Northern District of Texas, which will provide interested parties the opportunity to submit higher and better offers.
The decision to file for Chapter 11 protection follows the strategic review process that Impel announced in October 2023 during which the Company announced the exploration of a wide range of options including potential sale of assets of the Company, a sale of all the Company, a merger or other strategic transaction.
Impel's Interim President & Chief Executive Officer, Len Paolillo, said: "After carefully reviewing all available strategic options with our advisors, Impel made the decision to pursue a sale through an in-court restructuring process.
"Impel is mindful of the many patients who rely on Trudhesa for migraine relief, and the Company is confident that this is the right option to maximize value for all stakeholders and ensure the continued availability of this important product."
Impel intends to continue operating as usual throughout the court-supervised sale process, including providing wages and benefits to employees.
To enable this, the Company has filed certain customary "First Day" motions with the Court.
Upon Court approval of these First Day motions, the Company expects to minimize the impact of the sale process on the Company's customers, employees, and other key stakeholders. ■
A trailing cold front in connection with a low pressure system currently moving east across the Great Lakes toward New England will bring a chance of rain into the eastern U.S. on this first day of November following an exceptionally dry October for this part of the country.