Karyopharm Files Chapter 11 and Announces Planned Merger with Ayrmid

Transaction structure: Karyopharm entered a Restructuring Support Agreement providing for a merger between Ayrmid and a reorganized Karyopharm.

Sale process: Ayrmid will serve as lead bidder, and Karyopharm will seek court approval of bidding procedures that allow competing proposals and bids for its assets.

Financing: Existing secured lenders have committed up to $55 million of debtor-in-possession financing, subject to court approval.

Timing: The transaction is expected to close in the first quarter of 2027, subject to the conditions described in the Chapter 11 plan.

Equity recovery: Common stock and Convertible Preferred Stock will receive no payment or distribution under the prepackaged plan; Karyopharm expects existing equity securities to have no value and holders to experience a complete loss.

Operations: Karyopharm states that it will continue operating in the ordinary course and expects operations to remain uninterrupted during the sale process.

Strategic rationale: Ayrmid cites complementary portfolios, commercial capabilities and a shared focus on hematology, while Karyopharm says the process is intended to maximize value for stakeholders.