Bankruptcies
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Biotech Bankruptcies Skyrocket
12/22/2023
From Statera Biopharma and Sorrento Therapeutics to Aceragen and Infinity Pharmaceuticals, 2023 has seen a record high 28 bankruptcies in the biotech space so far. Here’s why. -
Follow along as BioSpace keeps you up-to-date on the latest pharma and biotech layoffs. -
Potrero Medical Announces Restructuring and Continued Operations
12/1/2023
Potrero Medical, Inc. (" Potrero " or the "Company") announced today that it has begun a voluntary restructuring of its finances by filing a pre-negotiated petition for relief under Chapter 11 of the U.S. Bankruptcy Code.
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RVL Completes Financial Restructuring
11/27/2023
RVL Pharmaceuticals, Inc. announced that it and its wholly-owned U.S. operating subsidiary RVL Pharmacy, LLC, successfully emerged from their Chapter 11 cases on November 22, 2023 following the confirmation by the United States Bankruptcy Court for the District of Delaware of their Plan of Reorganization on November 20, 2023.
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Mallinckrodt Completes Financial Restructuring and Irish Examinership Proceedings and Emerges From Chapter 11
11/14/2023
Mallinckrodt plc, a global specialty pharmaceutical company, announced that it has completed its financial restructuring, emerged from Chapter 11 following an expedited court-supervised process and completed the Irish Examinership Proceedings.
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The first two weeks of October saw BMS’s $4.8 billion buyout of Mirati, Lilly’s $1.4 billion purchase of Point, Kyowa Kirin’s $387 million acquisition of Orchard and AbbVie’s $110 million Mitokinin deal. -
RVL Pharmaceuticals plc Announces Prepackaged Reorganization of Certain U.S. Subsidiaries
10/12/2023
RVL Pharmaceuticals plc today announced to effectuate a change of control transaction through prepackaged bankruptcy cases commenced in the United States Bankruptcy Court for the District of Delaware today (the “Reorganization”).
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Mallinckrodt plc (in examinership) Receives U.S. Court Approval for Financial Restructuring Plan
10/10/2023
Mallinckrodt plc, a global specialty pharmaceutical company, announced that its Plan of Reorganization has been confirmed by the U.S. Bankruptcy Court for the District of Delaware, positioning the Company to emerge from Chapter 11 by the end of the year.
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Scilex Holding Company Provides Notice to All Record Holders and Beneficial Owners of Restricted Shares of Scilex Holding Company
10/3/2023
Scilex Holding Company provides notice to all record holders and beneficial owners of restricted shares of Scilex common stock that were part of the previously announced dividend of Scilex common stock then-held by Sorrento Therapeutics, Inc. to Sorrento equity holders of record as of January 9, 2023.
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Mallinckrodt Receives Court Approval for "First Day" Motions to Support Ongoing Operations
8/30/2023
Mallinckrodt plc, a global specialty pharmaceutical company, announced that it has received approvals from the U.S. Bankruptcy Court for the District of Delaware for its "First Day" motions related to the Company's voluntary Chapter 11 petitions filed on August 28, 2023.
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Mallinckrodt plc Takes Next Step to Implement Comprehensive Financial Restructuring Plan to Address Long-Term Debt and Opioid Obligations
8/28/2023
Mallinckrodt plc announced that it has taken the next step to implement the comprehensive financial restructuring plan contemplated by a Restructuring Support Agreement the Company previously entered into with more than 85% of each of the Company's first and second lien debtholders and the Opioid Master Disbursement Trust II, as announced on August 23, 2023.
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Mallinckrodt plc Enters into Restructuring Support Agreement with Key Stakeholders on the Terms of a Prepackaged Financial Restructuring Plan
8/23/2023
Mallinckrodt plc announced it has entered into a Restructuring Support Agreement with a substantial majority of each of the Company's first and second lien debtholders and the Opioid Master Disbursement Trust II on the terms of a comprehensive financial restructuring plan that will reduce the Company's total funded debt by approximately $1.9 billion, increase free cash flow generation, extend maturity runway and better position the business for long-term success.
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Xtant Medical Completes Acquisition of Surgalign’s Hardware and Biologics Business
8/10/2023
Xtant Medical Holdings, Inc. announced that it completed the acquisition of certain assets and liabilities related to the domestic and international biologics and spinal fixation offerings of Surgalign Holdings, Inc. under a Bankruptcy Court supervised process for $5 million, plus assumed liabilities, in an all-cash transaction.
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Amyris Announces Operational and Financial Restructuring to Advance Strategic Transformation
8/10/2023
Amyris, Inc. announced that it is moving forward with an operational and financial restructuring to further advance its ongoing strategic transformation and position the Company for long-term success.
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Sorrento Therapeutics, Inc. Announces Auction for Sale of Scilex Securities and Bankruptcy Court Approval of Stalking Horse Bid
8/8/2023
Sorrento Therapeutics, Inc. announced that, in connection with its ongoing chapter 11 case, the U.S. Bankruptcy Court for the Southern District of Texas entered an order approving a $105 million "stalking horse" bid for substantially all of the Debtors' common stock, preferred stock, and warrants in Scilex Holding Company to Oramed Pharmaceuticals, Inc..
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Sorrento Announces Launch of Voluntary Offering to Dividend Short Holders with Deadline to Participate by July 27, 2023
7/21/2023
In connection with its ongoing chapter 11 case, Sorrento Therapeutics, Inc., a biopharmaceutical company dedicated to the development of life-saving therapeutics to treat cancer, intractable pain, and infectious disease, and its Official Committee of Equity Securities Holders on July 20, 2023 officially launched an exclusive offer pursuant to the order entered by the U.S. Bankruptcy Court for the Southern District of Texas on July 18, 2023.
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ViewRay® Announces Commencement of Nasdaq Delisting Proceedings: Common Stock Expected to Begin Trading on the OTC Markets
7/21/2023
ViewRay, Inc. announced that on July 17, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC.
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Sorrento Therapeutics, Inc.'s Bankruptcy Court Approves Elective Offering of Restricted Common Stock of Scilex Holding Company for Dividend Short Holders
7/20/2023
Sorrento Therapeutics, Inc. announced that, in connection with its ongoing chapter 11 case, the U.S. Bankruptcy Court for the Southern District of Texas entered an order approving an offering of a portion of Sorrento's common stock in its non-debtor public subsidiary, Scilex Holding Company.
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Novan Enters into Agreement to Sell Substantially All of its Assets, including Berdazimer Gel, 10.3% (SB206), and Files for Chapter 11 Protection
7/17/2023
Novan, Inc. and its wholly owned subsidiary, EPI Health, LLC, announced that it has entered into a stalking horse asset purchase agreement with Ligand Pharmaceuticals, Inc. prior to filing voluntary petitions for relief under chapter 11 of title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
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ViewRay® Files Voluntary Chapter 11 Petitions
7/17/2023
ViewRay, Inc. announced that it and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of Title 11 the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.