BIND Therapeutics says two bidders join Pfizer's 'stalking horse' bid

26 July 2016

US biotech firm BIND Therapeutics (Nasdaq: BIND) saw its shares leap 28% 60 $0.64 after the company revealed that it has received two bids that are qualified to participate in the Court authorized auction beginning at 10 am EST on July 25, 2016.

The names of the two bidders were not disclosed. The bids are in addition to Pfizer’s (NYSE: PFE) initial stalking horse bid of around $20 million under Section 363 of the US Bankruptcy Code.

BIND, which is developing targeted and programmable therapeutics called Accurins, initiated voluntary Chapter 11 bankruptcy protection on May 1, 2016 and is conducting a sale of assets pursuant to Section 363 of the Bankruptcy Code.

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