Pear Therapeutics receives court approval of bid procedures

By Sarah Lizee

Olympia, Wash., May 1 – Pear Therapeutics, Inc. received approval of the bid procedures for its assets, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Under the bid procedures, the bid deadline is May 15, the auction is slated for May 18, and a sale hearing will take place on May 22.

The court also approved bid protections to a potential stalking horse bidder. The breakup fee will not exceed 3%. A cap on any expense reimbursement will be decided by the debtors in consultation with the official committee of unsecured creditors.

Boston-based Pear Therapeutics develops and commercializes software-based medicines called prescription digital therapeutics. The company filed bankruptcy on April 7 under Chapter 11 case number 23-10429.

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