Drugmaker Athenex voluntarily files for U.S. Chapter 11 proceedings
(Reuters) - Drugmaker Athenex Inc 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)
