ARTICLE | Company News

Bind Therapeutics, Pfizer deal

July 25, 2016 7:00 AM UTC

Bind accepted a “stalking horse” bid from Pfizer to acquire substantially all of the biotech’s assets for $20 million in cash. Subject to bankruptcy court approval, and if Pfizer’s bid remains the highest and best offer by a July 25 auction, Bind expects the deal to close in 3Q16. Bind filed for Chapter 11 bankruptcy on May 1 in the U.S. Bankruptcy Court for the District of Delaware.

In April, Bind restructured and said it would seek a partner for its lead asset, BIND-014, after reporting mixed data from the Phase II iNSITE 1 trial in squamous non-small cell lung cancer (NSCLC) and Phase II iNSITE 2 trial in cervical and head and neck cancers. BIND-014 is a polymeric nanoparticle containing docetaxel that concentrates in the neovasculature surrounding tumors and targets prostate-specific membrane antigen ( PSMA; FOLH1; GCPII). ...