Infinity Pharmaceuticals sets bid procedures for its assets

By Sarah Lizee

Olympia, Wash., Oct. 2 – Infinity Pharmaceuticals, Inc. is seeking approval of the bid procedures for its assets, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Under the proposed bid procedures, the bid deadline would be 4 p.m. ET on Dec. 1, an auction would take place on Dec. 6, and a sale hearing would take place on Dec. 8.

As a reminder, the company is focused on finalizing the wind down of its business following a merger effort that unsuccessfully concluded in late July.

“Infinity has been unable, despite sustained efforts over an extended period of time, to achieve meaningful clinical outcomes to finance and otherwise support the continued development of its current pharmaceutical candidate, the experimental anti-tumor drug, eganelisib,” Seth A. Tasker, chief executive officer of Infinity, said in a declaration.

Infinity’s planned merger with MEI Pharma, Inc., which would have been a vehicle both for the continuation of Infinity as an entity as part of a well-capitalized company and for the advancement of clinical development of eganelisib in patients with head and neck cancer, ended when MEI’s shareholders did not approve that transaction, Tasker said.

Following the termination of the MEI merger, Infinity was left without a financially viable path forward for its continued business as a stand-alone entity and, being unable to transact a merger as an alternative to a stand-alone business, it was left with no option other than a winding down of its business, Tasker said.

The company hopes to sell its remaining assets, primarily the intellectual property related to its eganelisib drug program, through a competitive process, to define the scope of its liabilities and to confirm a Chapter 11 plan that will most efficiently distribute the value of Infinity’s business to its stakeholders.

The Cambridge, Mass.-based clinical-stage biopharmaceutical company filed bankruptcy on Sept. 29 under Chapter 11 case number 23-11640.

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