Bankruptcies
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Follow along as BioSpace keeps you up-to-date on the latest pharma and biotech layoffs. -
The Chapter 11 bankruptcy was driven by increasing generic competition, declining profits and the unrelenting legal woes of its head Martin Shkreli, dubbed “Pharma Bro” in the media. -
Lannett Company, Inc. Files Prepackaged Chapter 11 Cases to Significantly Strengthen Financial Position
5/3/2023
Lannett Company, Inc. announced that it and certain of its subsidiaries have commenced prepackaged Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware to effectuate the transactions contemplated by the Restructuring Support Agreement announced on May 1, 2023.
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Sorrento Therapeutics, Inc.'s Bankruptcy Court Extends the Lockup Period on Shares of Scilex Stock Distributed by Sorrento to its Stockholders as a Dividend
4/26/2023
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 extending the expiration of the restrictions on transfer on the shares of common stock of Scilex Holding Company that were distributed by Sorrento to its stockholders as a dividend on January 19, 2023.
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Pear Therapeutics Files for Chapter 11 and Will Seek to Sell Assets Through Sales Process
4/7/2023
Pear Therapeutics, Inc. announced that the Company and its wholly owned subsidiary, Pear Therapeutics, Inc. each voluntarily filed for protection under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and they intend to pursue a sale of the business or assets under section 363 of the Bankruptcy Code.
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Sorrento Therapeutics, Inc.'s Bankruptcy Court Requires Brokerages to Provide Information Related to Scilex Common Stock
4/4/2023
Sorrento Therapeutics, Inc. announced that the U.S. Bankruptcy Court for the Southern District of Texas entered an order requiring the top 25 brokers, dealers, banks, and other nominees that act as agents for Sorrento shareholders to provide Sorrento with information related to the common stock of Scilex Holding Company, in connection with Sorrento's chapter 11 case that was filed on February 13, 2023.
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Johnson & Johnson Subsidiary LTL Management LLC (“LTL”) Re-Files for Voluntary Chapter 11 to Equitably Resolve All Current and Future Talc Claims
4/4/2023
Johnson & Johnson announced that its subsidiary LTL Management LLC has re-filed for voluntary Chapter 11 bankruptcy protection to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America.
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Codiak BioSciences to Pursue Asset Sale through Voluntary Chapter 11 Process
3/27/2023
Codiak BioSciences, Inc. today announced that the Company has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and will seek to pursue a sale process for its assets which is intended to maximize the value of the Company.
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Analysis: Biotech After SVB's Collapse
3/14/2023
The SVB failure appears to have been caused by an underwritten public offering to raise $2.25 billion to cover security losses announced during SVB’s Q1 2023 mid-quarter update. -
SVB's Fall Leaves Biotechs in Limbo
3/13/2023
The California Department of Financial Protection and Innovation shut down the Silicon Valley Bank Friday, a top financial institution for the life sciences industry, leaving biopharmas scrambling. -
As life sciences companies feel the burn of the current economy, one Bay Area biotech, CODA Biotherapeutics, quietly shut its doors. -
Lucira Health to Pursue Strategic Sale of its Business Through Voluntary Chapter 11 Process
2/22/2023
Lucira Health, Inc., a medical technology company, announced that it has filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
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Sorrento Therapeutics, Inc. Receives Court Approval for $75 Million Financing in Chapter 11 Case
2/21/2023
Sorrento Therapeutics, Inc. announced that the U.S. Bankruptcy Court for the Southern District of Texas granted interim approval of Sorrento's $75 million debtor-in-possession financing from JMB Capital Partners, in connection with Sorrento's chapter 11 case, which was filed on February 13, 2023.
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Sorrento Therapeutics, Inc. Receives Court Approval for "First Day" Employee Wages and Cash Management Motions
2/16/2023
Sorrento Therapeutics, Inc. announced that the U.S. Bankruptcy Court for the Southern District of Texas granted approval of Sorrento's employee wages motion and interim approval of its cash management motion, in connection with Sorrento's chapter 11 petition, which was filed on February 13, 2023.
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Joint Statement by Sorrento Therapeutics, Inc. and Scilex Holding Company on Today’s Isolated Chapter 11 Filing By Sorrento Therapeutics, Inc.
2/13/2023
Scilex Holding Company, a majority-owned subsidiary of Sorrento Therapeutics, Inc. and an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, together with Sorrento, issued the following statements:.
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Invacare Corporation Takes Action to Strengthen Its Financial Position and Drive Long-Term Growth Through Voluntary Prearranged Chapter 11 Cases That Do Not Include Its International Operations
2/1/2023
Invacare Corporation, a leading manufacturer and distributor of medical equipment used in non-acute care settings, announced actions to strengthen the company and position it for long-term success.
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Clovis Oncology officially files for Chapter 11 bankruptcy. -
Clovis Oncology Files for Chapter 11 Protection and Enters into Agreement to Sell FAP-2286
12/12/2022
Clovis Oncology, Inc. announced that it and certain of its subsidiaries have voluntarily initiated a Chapter 11 proceeding in the United States Bankruptcy Court for the District of Delaware and will seek to sell their assets through a court supervised sales process.
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Bankruptcy might be looming for embattled Clovis Oncology, the company warned Wednesday in a 10-Q filing. Clovis also revealed it has taken action to reduce its workforce by 115 employees. -
PhaseBio plans to file Chapter 11 bankruptcy and sell off its bentracimab assets under a stalking horse arrangement with an unnamed “large pharmaceutical company.”