PhaseBio announces Chapter 11 filing; plans to sell lead asset

seekingalpha2022-10-24

PhaseBio Pharmaceuticals (NASDAQ:PHAS), a biotech focused on cardiovascular diseases, dropped ~9% pre-market Monday after the company announced plans for Chapter 11 bankruptcy and a non-binding ...

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The voluntary petition filed in the U.S. Bankruptcy Court in Delaware under Chapter 11 of the Bankruptcy Code came after a thorough evaluation of all strategic options, Chief Executive Jonathan Mow noted.  As part of the legal process, the company intends to seek authorization for an auction and sale process for the bentracimab program assets. Ahead of the sale, PhaseBio (PHAS) has entered into a non-binding agreement under which an unnamed large pharmaceutical company will submit an initial bid for bentracimab assets as the stalking horse bidder. Per the terms, the company is entitled to a $40M upfront payment and $60M milestone payments.  PhaseBio (PHAS) has partnered with SFJ Pharmaceuticals to develop bentracimab, a reversal agent for the antiplatelet drug ticagrelor.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2278788882"}