Drugmaker Athenex voluntarily files for U.S. Chapter 11 proceedings (updated)
14/05/2023 16:58
(Adds details from court filing, press release, paragraphs 3-5)
May 14 (Reuters) - Drugmaker Athenex Inc ATNX.O and
certain of its subsidiaries voluntarily filed for Chapter 11
proceedings, the company said on Sunday.
Athenex reached an agreement with its lenders to move
forward with an expedited sale process of its assets, the
company said in a statement.
The Buffalo, New York-based company has listed estimated
assets and liabilities in the range of $100 million-$500
million, according to a filing with the U.S. Bankruptcy Court
for the Southern District of Texas.
The assets to be sold would be across its primary
businesses of Athenex Pharmaceutical Division (APD), Orascovery,
and Cell Therapy, the company said, adding that it expects the
expedited process to be completed by July 1, 2023.
The company said it has sufficient resources to support
Athenex Pharma Solutions operations, and fulfill APD customer
orders during the sale process.
(Reporting by Maria Ponnezhath and Bharat Govind Gautam in
Bengaluru; editing by Grant McCool)
((Maria.Ponnezhath@thomsonreuters.com; +91 8061822749;))