An undisclosed buyer entered into an agreement to acquire substantially all assets of Impel Pharmaceuticals Inc. (OTCPK:IMPL) for $17.5 million on December 18, 2023. The consideration consists of $17.50 million in cash and an additional amount in cash based on certain net sales and licensing fees generated by certain of Impel Assets. The buyer has sufficient internal funds available to pay the Purchase Price. Upon termination of the asset purchase agreement under certain specified circumstances Impel may be required to pay the Bidder a termination fee of $450,000. The asset purchase agreement remains subject to approval by the Bankruptcy Court. Alan Smith and Ethan Skerry of Fenwick & West LLP and Rakhee Patel, Samuel Newman and Jeri Leigh Miller of Sidley Austin LLP acted as legal advisors to Impel. Moelis & Company LLC and Teneo Capital LLC acted as financial advisors to Impel.

An undisclosed buyer completed the acquisition of substantially all assets of Impel Pharmaceuticals Inc. (OTCPK:IMPL) on February 12, 2024. On February 1, 2024, the Bankruptcy Court entered an order authorizing the Asset Sale pursuant to the terms of the Stalking Horse.