Athenex files for bank­rupt­cy to pave way for fire­sale of pro­grams, end­ing 20-year run

Af­ter pulling out all the stops to try to stay afloat, Athenex is go­ing the bank­rupt­cy route.

The Buf­fa­lo, NY-based com­pa­ny said Chap­ter 11 pro­ceed­ings are meant to ex­pe­dite the sale of its as­sets so that it can be com­plet­ed by Ju­ly 1, af­ter which it can wind down in an or­der­ly fash­ion and pay back its lenders.

It caps a 20-year jour­ney for a biotech that was once held up as a suc­cess sto­ry by the Uni­ver­si­ty at Buf­fa­lo, hav­ing spun out with a drug dis­cov­ery plat­form and grown in­to a glob­al play­er with hun­dreds of em­ploy­ees and a wide range of busi­ness­es, in­clud­ing in­ter­nal R&D, con­tract man­u­fac­tur­ing and com­pound­ing work. Crit­i­cal set­backs for its lead pro­grams, how­ev­er, cas­cad­ed and led to its un­rav­el­ing.

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