The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of the certain assets of 9 Meters Biopharma, Inc. on November 29, 2023. The Court approved the asset purchase agreement between the debtor and Helicore Bioventures I, Inc., the stalking horse bidder, for the sale of its certain assets for a purchase price of $1.7 million in cash. The debtor?s assets include the NM-136 assets.

To qualify as a qualified bidder, interested parties should submit their bids by December 14, 2023. The initial minimum overbid should be in the amount of $0.1 million more than the initial purchase price. If the debtor receives any qualified bids, then it would hold an auction for its assets on December 18, 2023.

At the auction, the subsequent bids would be in increments of $0.025 million. The stalking horse bidder would be entitled to a break-up fee of $0.05 million. The sale hearing is scheduled for January 5, 2024.