Pfizer Inc. (NYSE:PFE) was the winner of a $40 million bid by BIND Therapeutics Inc (NASDAQ:BIND). PFE succeeded at a Section 363 auction initiated by the Cambridge, Massachusetts-based biotechnology company which is selling off its assets. Among other two unidentified companies that had joined the auction Pfizer’s bid was selected as the highest and best. However, the bid is subject to U.S. Bankruptcy Court approval to its acquisition of BIND Therapeutics assets. It is after the court approval that the company will reveal any other additional provisions of its agreement with Pfizer.
Let’s talk about BIND any its collaborations
The company is behind the development of novel targeted therapeutics that mainly treats cancer and whose proprietary polymeric nanoparticles is called ACCURINS®. BIND intends to enlarge ACCURINS® but with three objectives in mind: –
Innovation of medicines
Enabling potent pathway inhibitors
Provision of differentiated efficacy with approved drugs
The achievement of the above objectives will take the efforts of both through internal research programs and other collaborators. Pfizer is one of the many collaboration partners with BIND, a collaboration that is aiming at developing and commercializing a new class of highly programmable therapeutics. Other collaborations involve Peptidream Inc (TYO:4587), Synergy Pharmaceuticals Inc (NASDAQ:SGYP), AstraZeneca plc (ADR)(NYSE:AZN), Roche Holding Ltd.(VTX:ROG), Merck & Co., Inc.(NYSE:MRK) Macrophage Therapeutics among others.
BIND and AstraZeneca have already described their development of the first nanoparticle preclinical candidate. Putting forward the nanoparticle formulation would solve the inhibitors’ woes that come with cancer attacks. There is no certainty whether Pfizer’s bid to cover liabilities once the likes of severance, fees, and other expenses are factored in the equation. It is also not also known what will happen to BIND which was founded in 2006 by MIT researcher Robert Langer after the sale of its assets.
The bankruptcy came about as a result of an April 26 notice by Hercules Capital, a Palo Alto that was demanding for a $13.2 million balance on its load as well as $1.2 million in fees.