secwatch.observer — SEC 8-K summary
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Issuer:     PhaseBio Pharmaceuticals Inc (—)
CIK:        0001169245
Form:       8-K
Filed at:   2022-11-08T23:59:59+00:00
Accession:  0001169245-22-000115
Event type: m_and_a
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 1.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PhaseBio in Chapter 11; sells bentracimab assets to Chiesi for $40M + $60M milestones
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- Asset purchase agreement with Chiesi Farmaceutici S.p.A. as stalking horse; $40M cash at close plus up to $60M milestone payments.
- Sale subject to Bankruptcy Court approval and higher bids; auction proposed Dec 12, 2022 if qualified bids by Dec 9.
- PhaseBio common stock delisted from Nasdaq; begins trading on OTC Pink under symbol PHASQ on Nov 4, 2022.
- Chiesi deposits $4M escrow; break-up fee of $2M plus expense reimbursement if alternative deal accepted.
- Milestone payments: $30M on accelerated FDA approval, $30M on full FDA approval; subject to offsets.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1169245/000116924522000115/0001169245-22-000115-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1169245/000116924522000115/phas-20221104.htm
  HTML page:      https://secwatch.observer/filing/0001169245-22-000115

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