secwatch.observer — SEC 8-K summary
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Issuer:     PhaseBio Pharmaceuticals Inc (—)
CIK:        0001169245
Form:       8-K
Filed at:   2023-01-17T23:59:59+00:00
Accession:  0001169245-23-000002
Event type: m_and_a
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 1.03, 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PhaseBio transfers bentracimab assets to SFJ in bankruptcy; SFJ pays $32.9M net cash, $120M claim settled
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- SFJ acquires all bentracimab-related assets (PB2452) in satisfaction of $120M secured claim; SFJ pays $32.9M cash net of DIP payoff and interim funding.
- SFJ pays up to $5.8M to BioVectra upon BLA filing acceptance; additional amount upon FDA approval if contract assumed.
- SFJ will pay 2.5% royalty on worldwide net sales of bentracimab products exceeding $300M annually, through patent expiry or 10 years post first US sale.
- Chapter 11 case continues; stock delisted from Nasdaq, trades on OTC Pink under PHASQ; common stock likely zero recovery.
- Transition services: six months at no cost from key personnel including CEO Jonathan Mow and others.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1169245/000116924523000002/0001169245-23-000002-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1169245/000116924523000002/phas-20230113.htm
  HTML page:      https://secwatch.observer/filing/0001169245-23-000002

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