Using time-resolved small-angle neutron scattering, we have studied the kinetics of the recently observed bilayered-micelle (or so-called ``bicelle'') to perforated-lamellar transition in phospholipid mixtures. The data suggest that phase-ordering occurs via the early-time coalescence of bicelles into stacks of lamellae that then swell. Our measurements on this biomimetic system highlight the ubiquitous role of transient metastable states in the phase ordering of complex fluids. ; system details: machine converted author identifier PE to PID, February 2012