Drug Development

Pfizer bags a Langer platform, buys Bind assets with a $40M bid

In the end, Pfizer saw the most value in Bind Therapeutics’ platform technology. Already partnered on new products, Pfizer has come up with a winning bid of $40 million for the troubled biotech’s assets.

Pfizer grabbed “substantially all” of the Cambridge, MA-based biotech’s assets out of a Chapter 11 auction, according to a statement. And NanoCarrier came in with the runner up offer for the assets.

Bind’s shares surged 21% on the news today.

Bind had to start cutting staff and stopped a clinical trial after posting some disappointing data on its lead cancer drug, BIND-014 last spring. It began to look for a collaborator and extra cash, but was forced into bankruptcy after one of its lenders, Hercules Technology, called a note.

Its Accurins platform, one of many to emerge from the lab of MIT’s Bob Langer, had drawn high-level interest from a host of Big Pharmas, including AstraZeneca, Roche and Merck. Bind used polymers to create new drug delivery vehicles, looking to amp up the payload for more precisely targeted therapeutics. But in a tough environment for biotech stocks, Bind found itself in a tight spot with little room to move.

The best place to read Endpoints News? In your inbox.

Comprehensive daily news report for those who discover, develop, and market drugs. Join 30,300+ biopharma pros who read Endpoints News by email every day.

Free Subscription

Manager, Healthcare, Public Relations
Burson-Marsteller NYC/DC
Manager, Financial Planning and Analysis
Molecular Templates Jersey City, NJ
Clinical Trial Assistant
Molecular Templates Jersey City, NJ
Clinical Scientist
Molecular Templates Jersey City, NJ
Director/Sr Director, Oncology/Immuno-Oncology
Aro Biotherapeutics Company Denver, CO

Visit Endpoints Careers ->