Impel Pharmaceuticals Inc. announced yesterday that it is pursuing a sale of the company through an in-court restructuring process, and has filed voluntary petitions to commence chapter 11 proceedings to facilitate an orderly sale process, according to a company press release. The commercial-stage biopharmaceutical company has entered into a deal with JN BIDCO LLC to serve as the stalking-horse bidder for the firm and its assets. The filing in the U.S. Bankruptcy Court for the Northern District of Texas aims to get higher and better offers from interested parties. Impel seeks to complete the sale process in the first quarter of 2024, with any sale subject to court approval. According to the firm, the decision to file for chapter 11 protection follows the strategic review process that Impel announced in October 2023. During the review, the company had announced the exploration of a wide range of options including potential sale of assets of the company, a sale of all the company, a merger or other strategic transaction.
