BIND Therapeutics accepts 'stalking horse' bid from Pfizer

2 July 2016

US biotech firm BIND Therapeutics (Nasdaq: BIND) says it has filed a motion for court approval of a “stalking horse” asset purchase agreement bid from pharma giant Pfizer (NYSE: PFE) for the purchase of the majority of BIND’s assets.

BIND Therapeutics, which initiated voluntary Chapter 11 bankruptcy protection on May 1, 2016, saw its shares nearly double to $0.78 in after-hours trading on Friday.

Under terms of the agreement, Pfizer has agreed to acquire substantially all of BIND’s assets for around $20 million in cash subject to certain price adjustments. Pfizer has also agreed to assume certain contractual liabilities of BIND.

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