Karyopharm Therapeutics, a commercial-stage pharmaceutical company pioneering novel cancer therapies, has announced that it has filed for Chapter 11 bankruptcy
as part of a planned merger with Ayrmid, an Irish biotech.
Karyopharm is focused on cancer therapies that involve targeting the export of specific proteins in a cancer cell’s nucleus with SINE technology (Selective Inhibition of Nuclear Export).
Karyopharm stated that it had received a commitment of $55m in additional financing and ongoing operations are expected to be uninterrupted during sale process.
The merger is not final and other companies will be able to bid for Karyopharm’s assets. The process is expected to be completed in the first quarter of 2027.
Richard Paulson, President and CEO of Karyopharm, said: “Following a comprehensive review of available alternatives, we believe this process provides a clear framework to pursue a value maximising transaction for our stakeholders while continuing our important work of advancing therapies for patients with multiple myeloma and myelofibrosis.”
“We are pleased to have signed an agreement with Ayrmid, a company committed to advancing meaningful therapies for patients with haematological disorders. Ayrmid’s proposal underscores the strategic interest in our programs and establishes a strong foundation as we move through this process designed to maximise value.”
Joe Wiley, Chairman and CEO of Ayrmid, said: “We see a strong strategic fit between Ayrmid and Karyopharm, with complementary portfolios, established commercial capabilities and a shared commitment to addressing significant unmet needs in haematology.
“We see considerable potential in Karyopharm’s marketed products, development pipeline and experienced team, and believe that, together, we can build a broader, stronger commercial-stage haematology business with meaningful opportunities for future growth.”