Pfizer Buys BIND Therapeutics Assets for $40 Million in Auction
Pfizer Inc. has emerged as the winning bidder for substantially all of BIND Therapeutics' assets with a $40 million offer. The bid requires U.S. Bankruptcy Court approval.
Pfizer Inc. has won a Section 363 auction for most of BIND Therapeutics' assets, with a winning bid of $40 million. The acquisition is subject to approval from the U.S. Bankruptcy Court, with a hearing scheduled for July 27, 2016.
BIND Therapeutics, a biotechnology company focused on targeted and programmable therapeutics known as ACCURINS®, filed for Chapter 11 bankruptcy protection on May 1, 2016. The auction for the sale of its assets took place on July 25 and 26, 2016.
Pfizer and BIND Therapeutics had previously collaborated on the development of ACCURINS® drug candidates. This partnership had resulted in the selection of an Accurin candidate entering IND-enabling studies. NanoCarrier Co., Ltd. will serve as the backup bidder.
BIND Therapeutics specialized in developing cancer treatments using its proprietary polymeric nanoparticle technology, ACCURINS®. The company had existing collaborations with several major pharmaceutical firms, including AstraZeneca, Roche, and Merck & Co.