Four companies have stepped forward to spend around $6 million and buy pieces of Pear Therapeutics, a once-prominent digital therapeutics company in Chapter 11 bankruptcy reorganization.
Click Therapeutics, Nox Health, Welt and Harvest Bio agreed to buy the remaining parts of Pear. The sales plan is scheduled to be heard Monday by U.S. Bankruptcy Court for the District of Delaware, according to court filings.
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The potential sales price is a dramatic turn for the company, which went public in December 2021 through special purpose acquisition company Thimble Point Acquisition in a deal that valued Pear at $1.6 billion. Pear, which reported $13 million in revenue last year and lost around $123 million, filed for bankruptcy in April. In the Chapter 11 filing, it listed $65.6 million in assets and $51 million in debt.
Pear developed solutions for opioid use disorder and insomnia, which were among the first digital therapeutics to receive clearance from the Food and Drug Administration. But it ran into challenges with payer reimbursement. Founder and CEO Corey McCann said in a LinkedIn post shortly after it filed for bankruptcy that the company had failed because of denials from payers and market conditions.
According to court filings, Click Therapeutics, a digital therapeutics company, seeks to buy different patents from Pear for $70,000. Nox Health, a company that develops diagnostics for sleeping, wants to buy Pear’s insomnia therapeutics product for $3.9 million. Welt, a digital biomarkers company, plans to buy Pear’s migraine-related assets for $50,000. Harvest Bio seeks to acquire Pear’s substance use disorder therapeutic as well as various trademarks, licenses and patients for $2.03 million.