SSG Capital Advisors served as the investment banker to Infinity Pharmaceuticals in the sale of substantially all its assets to a healthcare investment firm. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the District of Delaware. The transaction closed in February 2024.
Founded in 1995 and headquartered in Cambridge, MA, Infinity combines proven scientific expertise with a passion for developing small-molecule drugs that target specific disease pathways for potential applications in oncology. The Company is focused on advancing a first-in-class, orally administered, clinical-stage, immuno-oncology drug candidate based on its unique macrophage reprogramming mechanism of action.
The Company identified a merger target that would have provided additional liquidity and resources to conduct a Phase 2 study of the Company’s lead drug candidate. However, an activist shareholder campaign prevented the merger target from obtaining stockholder approval to complete the contemplated transaction. Due to the failed merger and lack of liquidity, Infinity filed for Chapter 11 relief in September 2023.
SSG was retained in July 2023 to conduct a marketing process and solicit offers from potential strategic and financial acquirers. After extensive marketing and discussion with numerous interested parties, the bid submitted by the healthcare investment firm was determined to be the highest and best offer for substantially all the Company’s assets. SSG’s extensive Chapter 11 transaction experience and knowledge of the industry resulted in a process where value was maximized in an expedited time frame.
Other professionals who worked on the transaction include:
- George W. Shuster, Benjamin W. Loveland and Thomas Davis of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to Infinity Pharmaceuticals, Inc.;
- Matthew B. McGuire and Matthew R. Pierce of Landis Rath & Cobb LLP, counsel to Infinity Pharmaceuticals, Inc.;
- Matthew Foster and Scott Wiley of Sonoran Capital Advisors, financial advisor to Infinity Pharmaceuticals, Inc.; and
- Peter P. Knight, Mark D. Wood, Brian Sodikoff, Evan S. Borenstein and Allison E. Yager of Katten Muchin Rosenman LLP, counsel to the healthcare investment firm.