Athenex tumbles after filing for bankruptcy

Athenex

15/05/2023 11:02

** Shares of Drugmaker Athenex Inc  ATNX.O  down 49.1% at
$0.58 before the bell
    ** Co and some of its units voluntarily file for Chapter 11
proceedings
    **Co reaches an agreement with lenders to move forward with
an expedited sale process of its assets
    ** Assets to be sold across its primary businesses of
Athenex Pharmaceutical Division (APD), Orascovery, and Cell
Therapy.
    ** Says APD continues to operate during the sale process
with the inventory on hand
    ** Co has estimated assets and liabilities within $100 mln
-$500 mln, according to a filing with the U.S. Bankruptcy Court
for the Southern District of Texas 
    ** Up to last close, stock has fallen 61.36% YTD

 (Reporting by Raechel Thankam Job)
 ((RaechelThankam.Job@thomsonreuters.com;))