Deerfield Management Company, L.P. entered into an asset purchase agreement to acquire the substantially all assets from IMRIS, Inc. (OTCPK:IMRS.Q) for $9.5 million on May 25, 2015. Deerfield Management will assume liabilities of $9.5 million. The consideration of $2.5 million will be for the assets of the surgeon-controlled surgical robot design and manufacture business and $7 million will be for image guided therapy systems and maintenance service business. The transaction is subject to bankruptcy court approval. The bid deadline for these targets shall be July 20, 2015. The auction for the assets will be held on July 23, 2015. The sale hearing will be held on July 27, 2015. In case, IMRIS, Inc. enters into another transaction with any qualified bidder other than Deerfield Management Company, L.P., the stalking horse bidder then Imris shall reimburse expenses of up to $0.1 million to Deerfield. The transaction is expected to close on July 31, 2015.

As of June 16, 2015, the U.S. Bankruptcy Court granted IMRIS, Inc. the permission to shop its business and dole out bonuses to certain employees. The competing offers are due by July 17, 2015. As of July 21, 2015, the auction for the sale of assets of IMRIS was cancelled as no parties challenged the offer from Deerfield Management. As a result, the U.S. Bankruptcy Court is set on July 24, 2015 to consider approving the sale to Deerfield Management and the transaction is anticipated to close in early August 2015. As on August 12, 2015, Deerfield Management entered into an amended agreement to acquire assets of IMRIS, Inc. and NeuroArm Surgical Limited from IMRIS, Inc. (TSX:IM) for $14.5 million. Deerfield Management will assume liabilities of $14.5 million. The consideration of $2.5 million will be for the assets of robot business and $12 million will be for assets of imaging and Service business. The transaction is approved by the U.S. Bankruptcy Court on August 12, 2015.

Jennifer Hardy, Daniel M. Philion and John Longmire of Willkie Farr & Gallagher LLP and Mark D. Collins and Robert C. Maddox of Richards, Layton & Finger PA acted as legal advisors to Deerfield Management. Richard A. Chesley, David E. Avraham, R. Craig Martin and Daniel M. Simon of DLA Piper LLP (US) acted as legal advisors to IMRIS, Inc. Thomas M. Horan, Kevin J. Mangan and Steven K. Kortanek of Womble Carlyle Sandridge & Rice LLP acted as legal advisors for the official committee of unsecured creditors while Marc St. Casarino and Agatha C. Mingos of White and Williams LP acted for Karl Storz Endoscopy-America Inc., another creditor.

Deerfield Management Company, L.P. completed the acquisition of substantially all assets from IMRIS, Inc. (OTCPK:IMRS.Q) on August 14, 2015.