The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of PhaseBio Pharmaceuticals, Inc. on November 28, 2022. The Court approved the asset purchase agreement between the debtor and Chiesi Farmaceutici S.p.A., the stalking horse bidder, for the sale of substantially all of the Debtor's bentracimab-related assets for a consideration of $40 million in cash, minus the cure costs deduction, net of any deposit funds paid to seller at the closing and assumption of liabilities, and for the sale of non- bentracimab-related assets. To qualify as a qualified bidder, interested parties should submit their bids by January 3, 2023 or two days after the court enters an order resolving the pending adversary proceeding, whichever is later.

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 January 6, 2023. At the auction, the subsequent bids would be in increments of $0.50 million.

The stalking horse bidder would be entitled to a break-up fee of $2 million and expense reimbursement of $0.75 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 17, 2023. Sale closing shall occur on or prior to January 20, 2023.