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.
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%.