The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Codiak BioSciences, Inc. on April 27, 2023. To qualify as a qualified bidder, interested parties should submit their bids by May 17, 2023, along with good-faith deposit in the amount of 10% of the bid price. The debtor has scheduled an auction on May 23, 2023.

At the auction, the subsequent bids would be in increments of $0.1 million. The sale hearing is scheduled for May 31, 2023. The sale is expected to close by June 15, 2023 i.e. 15 days of entry of the sale order.