Impel Pharmaceuticals gets approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., Jan. 12 – Impel Pharmaceuticals Inc. received approval of the bid procedures for its assets, according to an order filed Thursday with the U.S. Bankruptcy Court for the Northern District of Texas.

As previously reported, the company selected JN BidCo LLC to serve as the stalking horse bidder. The proposed purchase price is $17.5 million. There is a $450,000 breakup fee and an up to $300,000 expense reimbursement under the stalking horse agreement.

Interested parties will have the opportunity to submit higher and better offers through the court-supervised process.

Under the bid procedures, the bid deadline is 5 p.m. ET on Jan. 23, an auction is scheduled for Jan. 29, and a sale hearing will be held on Feb. 1.

Impel Pharmaceuticals is a commercial-stage pharmaceutical company. The company filed bankruptcy on Dec. 19 under Chapter 11 case number 23-80016.

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