Impel Pharmaceuticals Announces Filing of Voluntary Chapter 11 Cases and Signing of "Stalking Horse" Agreement to Facilitate Sale
SEATTLE, Dec. 19, 2023 /PRNewswire/ -- Impel Pharmaceuticals Inc. (OTCQX: IMPL) ("Impel" or "the Company"), a commercial-stage biopharmaceutical company with a mission to develop transformative therapies for people suffering from diseases with high unmet medical needs, today announced that it is pursuing a sale of the Company and has entered into an agreement with JN BIDCO LLC to serve as the "stalking horse" bidder to acquire the Company and its assets.
- To facilitate an orderly sale process, the Company has filed voluntary petitions to commence chapter 11 proceedings in the U.S. Bankruptcy Court for the Northern District of Texas (the "Court"), which will provide interested parties the opportunity to submit higher and better offers.
- Impel's Interim President & Chief Executive Officer, Len Paolillo, said: "After carefully reviewing all available strategic options with our advisors, Impel made the decision to pursue a sale through an in-court restructuring process.
- Impel intends to continue operating as usual throughout the court-supervised sale process, including providing wages and benefits to employees.
- Impel seeks to complete the sale process in the first quarter of 2024, with any sale subject to Court approval.