Lucira Health gets bankruptcy court approval to sell assets to Pfizer

By Sarah Lizee

Olympia, Wash., April 19 – Lucira Health, Inc. gained court approval to sell its assets to winning bidder Pfizer Inc., according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Pfizer was named winning bidder for a second time following a reopened auction.

The auction was initially held on April 6. At that time, Pfizer was named winning bidder and Pearsanta, Inc., a subsidiary of Aditxt Inc., was named backup bidder.

Pearsanta had filed an objection to Lucira’s designation of Pfizer as the winning bidder following the auction. Pearsanta said that even though its bid was higher, the debtor and official committee of unsecured creditors jointly selected the Pfizer bid, citing a perceived superior ability to close.

On April 12, Lucira entered into an asset purchase agreement with Pfizer. The company sought approval of the agreement at a sale hearing that had started on April 13 and was continued to April 14.

The court decided to reopen the auction on April 14, and Pfizer again submitted the winning bid.

Pfizer’s bid is comprised of assumed liabilities, a $5 million cash payment, payment of amounts needed to cure any defaults under assigned contracts and an additional cash payment of $7 million less the total amount of paid cure costs associated with Jabil contracts and Transition contracts, if any.

Lucira is a medical technology company based in Emeryville, Calif. The company filed bankruptcy on Feb. 22 under Chapter 11 case number 23-10242.

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