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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