Drug Development

Pfizer sets up Bind auction with $20M stalking horse bid

Pfizer has stepped in to help with Bind Therapeutics’ asset sale, setting a stalking horse bid for its assets at $20 million. That basically sets the floor on the price as Bind – once a promising nanotech company founded by MIT’s Robert Langer – looks to get the best price from an auction.

That auction should now proceed on July 25th, with Bind $BIND looking to wrap up the sale sometime in the third quarter.

Bind signaled it was in deep trouble back in April, when it followed up on its data for BIND-014 by laying off 38% of its staff and announcing that it would hunt up a deep-pocket collaborator for the lead program. The move was intended to give it more time to reorganize the company, but in the end Bind – which was closely partnered with Pfizer — was forced to file for Chapter 11.

Bind scored a $70 million IPO in the go-go days of 2013, grabbing investors’ interest with its Accurins platform and selling stock at $15. This morning, the stock was trading at 77 cents a share, up 93%.

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