Infinity Pharmaceuticals, Inc.

Dec 82023
The court approved Infinity’s sale of substantially all estate assets to Deerfield Healthcare Innovations Fund III, L.P., after the debtors selected Deerfield as successful bidder and Crimson Biopharm Inc. as backup bidder. Deerfield’s winning bid provided $1 million in cash plus costs tied to assumed executory contracts, according to the Notice of Successful Bidder and Back-Up Bidder.

The Sale Order authorized the Deerfield APA, free-and-clear transfer of the acquired assets except for assumed liabilities, and assumption and assignment of selected contracts subject to cure-cost procedures. For a company that entered chapter 11 to wind down and monetize its remaining oncology-development assets, the order moved the case from marketing process to liquidation implementation, with the sale proceeds becoming the core value source for creditor recoveries.
December 8, 2023

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StageFiled

Case No.: 23-11640
Court: Delaware
Judge: Brendan Linehan Shannon
Petition date: Sep 29, 2023
Petition assets: $1M–$10M
Petition liabilities: $1M–$10M
Industry: Healthcare
Debtors: 2

Infinity Pharmaceuticals, Inc. is a Cambridge, Massachusetts-based biopharmaceutical company focused on developing novel oncology therapeutics. Historically, the company developed drug programs targeting PI3K isoforms, including duvelisib and the experimental anti-tumor drug eganelisib. The company has conducted multiple clinical trials, including the MARIO-1, MARIO-275, and MARIO-3 studies. Infinity, which previously traded on the Nasdaq under the symbol INFI, operates through its wholly-owned subsidiary, Infinity Discovery, Inc.

Key professionals

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Sonoran Capital Advisors, LLC: Financial advisor
SSG Advisors, LLC: Investment banker
Wilmer Cutler Pickering Hale and Dorr LLP: Bankruptcy counsel
Stretto, Inc.: Claims and noticing agent

Cases

Infinity Pharmaceuticals, Inc.

Infinity Pharmaceuticals, Inc.

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