Another major healthcare company files Chapter 11 bankruptcy

The rate of biotechnology company bankruptcy filings has been rising over the last two years with firms continuing to file petitions in 2025.

Annual bankruptcy filings had been fewer than 10 each year from 2011 through 2022, but began increasing in 2023 with 14 filings and 13 filings in 2024. Filings in 2023 were the highest since 2010, when 14 biotech firms filed that year as well.