BIND Therapeutics says Pfizer's $40 million bid for its assets is the winner

27 July 2016

US biotech firm BIND Therapeutics (Nasdaq: BIND), a developer of targeted and programmable therapeutics called Accurins, today announced that pharma giant Pfizer (NYSE: PFE) has prevailed at a Section 363 auction to purchase substantially all of BIND’s assets.

The winning bid of $40 million, subject to US Bankruptcy Court approval for which a hearing is scheduled to take place later today, was selected as the highest and best bid. Pfizer originally came in with at $20 million “stalking horse” bid for the BIND assets. NanoCarrier has been selected as the back-up bidder. BIND says it plans to disclose additional terms of its agreement with Pfizer upon Court approval.

Pfizer has been in collaboration with BIND since 2013, and last year it exercised its option to obtain an exclusive license to develop and commercialize an Accurin drug candidate for the treatment of solid tumors, well before the company filed for bankruptcy.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK