Drugmaker Athenex at record low after filing for bankruptcy

Athenex

15/05/2023 17:08

(Updates)
    ** Drugmaker Athenex Inc's  ATNX.O  shares down ~66% at
$0.38, hit all-time low
    ** Stock set for biggest one day pct fall ever; top pct
loser on Nasdaq Composite index  .IXIC 
    ** Company and some of its units voluntarily file for
Chapter 11 proceedings
    ** Company reaches agreement with lenders to move forward
with expedited sale process of its assets
    ** Assets to be sold across its primary businesses of
Athenex Pharmaceutical Division (APD), Orascovery and Cell
Therapy
    ** Company says APD continues to operate during sale process
with inventory on hand
    ** Company 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 
    ** Stock down ~86% YTD

 (Reporting by Raechel Thankam Job and Sriparna Roy)
 ((RaechelThankam.Job@thomsonreuters.com))