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.