BIND Therapeutics, Inc. has announced that Pfizer Inc. prevailed at a Section 363 auction to purchase substantially all of BIND's assets. The winning bid of $40 million, subject to U.S. Bankruptcy Court approval for which a hearing is scheduled to take place on July 27, 2016, was selected as the highest and best bid. NanoCarrier Co., Ltd. has been selected as the back-up bidder. The Company plans to disclose additional terms of its agreement with Pfizer upon Court approval.
This comes after BIND received two bids that were qualified to participate in the Court authorized auction. The bids were in addition to Pfizer Inc.'s initial stalking horse bid of approximately
BIND initiated voluntary Chapter 11 bankruptcy protection on May 1, 2016 and conducted a sale of assets, pursuant to Section 363 of the Bankruptcy Code, during an auction held on July 25 and 26, 2016.