Intarcia Therapeutics – Auction Case Study
Background: For several years, Intarcia Therapeutics worked to revolutionize the way diabetes was treated with the development of an implanted diabetes drug/device, which was designed to deliver stable doses of exenatide. However, after multiple failed attempts to get FDA approval, the company was forced to cease late-stage clinical trials. Intarcia could ultimately not recover from the setback and was left no choice but to declare bankruptcy and close their facilities.
Result: Rabin was engaged to monetize the assets for both the lab and offices of Intarcia in Hayward, California. The timeline from the bankruptcy team was an aggressive one, with Rabin getting access to assets in late November 2020. Our team worked to set up an auction by late January 2021, including reformatting hundreds of laptops for resale. Many of the high-end assets were second-generation models that we were able to bring to market and find buyers who had this requirement. The two-day sale revenue exceeded all expectations, and all items were removed by March.