ADVERTISEMENT
Assets of Pear Therapeutics Sold to 4 Bidders
The assets of digital therapeutics company Pear Therapeutics, which filed for Chapter 11 bankruptcy in April, have been sold at auction for a total of $6.05 million.
Pear is the developer of reSET, a prescription digital therapeutic designed to retain patients in substance use disorder treatment, and reSET-O, a similar offering for patients being treated for opioid use disorder.
According to a court filing, the following 4 organizations were successful bidders for Pear assets:
- At a purchase price of $3.9 million, Nox Health Group acquired assets related to Somryst, a prescription digital therapeutic that provides a neurobehavioral intervention to adult patients with chronic insomnia.
- At a total cost of $2.03 million, Harvest Bio acquired Pear corporate trademarks, PearConnect, reSET and reSET-O, Invention Science Function (ISF) licenses and patents, along with schizophrenia, multiple sclerosis and depression, major depressive disorder, and other pipeline assets.
- Click Therapeutics was the successful bidder for assets related to all Pear platform patents, excluding patents related to the ISF assets, at a purchase price of $70,000.
- WELT Corporation acquired assets related to migraine for $50,000.
The $6.05 million received for the sale of its assets is far short of the $32 million in debt Pear carried, according to Axios, which also noted that at the time of its merger with SPAC Thimble Point Acquisition Corporation in 2021, Pear was valued at $1.6 billion.
References
Pear Therapeutics, Inc., et al. 23-10429-TMH (District of Delaware 2023).
