- Bankrupt BIND Therapeutics (NASDAQ:BIND) has doubled in price after hours, +101%, after filing a motion to sell the majority of its assets into a stalking-horse bid from Pfizer (PFE).
- Pfizer's agreed to acquire substantially all the assets of the company for about $20M in cash, and had presented the initial stalking-horse bid as BIND filed for Chapter 11 bankruptcy on May 1.
- BIND has asked the bankruptcy court for authorization to proceed with a July 25 auction, with a completed transaction expected in Q3.
- Update: Two other bidders will participate in auction of BIND's assets on July 25 at 10:00 am ET.
- Update: On July 26, BIND announced that Pfizer prevailed with a bid of $40M. NanoCarrier Co., Ltd. was selected as the back-up bidder.