Huge distressed drugmaker seeks sale in Chapter 11 bankruptcy
The biotechnology firm filed bankruptcy to sell its assets in an auction after facing severe liquidity issues.
The biotechnology sector has confronted a spike in financial ruin filings over the final two years which has begun to raise over into 2025.
In 2024, 13 biotech firms filed for financial ruin with six firms reorganizing and 7 liquidating and going out of industry, BioSpace reported. Financial ruin filings had been a chunk of better in 2023, with essentially the most recorded filings since 2010 at 14 petitions submitted.
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