Infinity Pharmaceuticals receives court approval of bid procedures

By Sarah Lizee

Olympia, Wash., Oct. 24 – Infinity Pharmaceuticals, Inc. secured approval of the bid procedures for its assets, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company has until 4 p.m. ET on Nov. 28 to choose a stalking horse bidder.

The bid deadline is 4 p.m. ET on Dec. 1, an auction is scheduled for Dec. 6, and a sale hearing is set for 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 said its 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.

At that point, Infinity was left without a financially viable path forward for its continued business as a standalone entity.

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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