Karyopharm announces planned Ayrmid merger and Chapter 11 process
Karyopharm entered into a Restructuring Support Agreement providing for a merger between Ayrmid Ltd., the lead bidder in a court-supervised sale process, and a reorganized Karyopharm, and filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas. The process permits other parties to submit competing proposals and bids, and the transaction is expected to close in the first quarter of 2027 subject to conditions in the Chapter 11 plan. Karyopharm secured commitments for up...
Key takeaways
The transaction is governed by a Restructuring Support Agreement with existing lenders, noteholders, and other key stakeholders.
Karyopharm filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas and anticipates completing the transaction through a Chapter 11 plan.
Ayrmid is the lead bidder, and court approval of bidding procedures will allow other parties to submit competing proposals and bids for Karyopharm's assets.
The transaction is expected to close in the first quarter of 2027, subject to the conditions described in the Chapter 11 plan.
Existing secured lenders have provided commitments for up to $55 million of debtor-in-possession financing, which requires court approval.
Karyopharm expects to continue ordinary-course operations and advance its multiple myeloma and myelofibrosis programs during the sale process.
The release identifies expected delisting of Karyopharm's common stock from the Nasdaq Global Select Market as a risk associated with the process.
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