Karyopharm Therapeutics has filed voluntary Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the Southern District of Texas. The filing is part of a plan to merge a reorganized Karyopharm with Ayrmid Ltd., the parent company of Gamida Cell.
The merger is set out in a Restructuring Support Agreement that Karyopharm signed with its existing lenders, noteholders and other key stakeholders. The company expects to complete the deal through a Chapter 11 plan. Ayrmid will be the lead bidder in a court-supervised sale process. Karyopharm will ask the court to approve bidding procedures that let other parties submit competing bids for its assets. The deal is expected to close in the first quarter of 2027, subject to the conditions in the Chapter 11 plan.
Karyopharm said it has commitments for up to $55 million in debtor-in-possession financing from its existing secured lenders. Once the court approves it, that financing plus cash from operations is expected to fund the business during the Chapter 11 process. The company said it will keep operating in the ordinary course and continue its programs in multiple myeloma and myelofibrosis.
"Following a comprehensive review of available alternatives, we believe this process provides a clear framework to pursue a value maximizing transaction for our stakeholders," said Richard Paulson, President and CEO of Karyopharm.
Karyopharm's lead therapy, XPOVIO (selinexor), is an exportin 1 (XPO1) inhibitor. It is marketed in the U.S. for adults with relapsed or refractory multiple myeloma. Ayrmid has two FDA-approved products: Omisirge (omidubicel-onlv), a cell therapy, and APHEXDA (motixafortide), which mobilizes stem cells in adults with multiple myeloma.
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