Pfizer Wins $40 Million Bid for BIND Therapeutics
BIND Therapeutics, a biotechnology company specializing in nanomedicines, reports that Pfizer 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 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.
BIND, based in Cambridge, Massachusetts, 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.
The company develops targeted therapeutics, primarily for cancer, based on its proprietary polymeric nanoparticles called Accurins, which are engineered to target specific cells and tissues in the body at sites of disease. BIND is developing Accurins with three different therapeutic objectives, both through internal research programs and with collaborators: innovative medicines; enabling potent pathway inhibitors; and differentiated efficacy with approved drugs. BIND’s internal discovery efforts are focused on designing oligonucleotide and immune-oncology-based Accurins.
BIND has announced ongoing collaborations with Pfizer, AstraZeneca, Roche, Merck & Co., Macrophage Therapeutics (a subsidiary of Navidea Biopharmaceuticals), Synergy Pharmaceuticals, PeptiDream and Affilogic to develop Accurins based on their proprietary therapeutic payloads and/or targeting ligands. BIND’s collaboration with Pfizer has resulted in the selection of an Accurin candidate that is entering investigational new drug- enabling studies.
Source: BIND Therapeutics