PhaseBio Files Voluntary Petition Under Chapter 11, Plans Sale

PhaseBio Pharmaceuticals elected to file a voluntary petition under Chapter 11 and intends to file a motion seeking authorization to pursue an auction and sale process.

• The proposed bidding procedures, if approved by the court, would require interested parties to submit binding offers to acquire PhaseBio’s bentracimab program assets, which would be purchased free and clear of liens and interests
• PhaseBio has entered into a confidential non-binding agreement with a large pharmaceutical company in anticipation of the sale; did not name the company
• This company would be designated as the stalking horse bidder and would pay PhaseBio cash in the ...