Major healthcare business files for Chapter 11 bankruptcy
The medical diagnostics company filed for bankruptcy protection to reorganize its debts, facing high litigation costs.
Biotechnology companies often encounter common challenges of long timelines for developing their products, the high costs associated with creating their innovations, and regulatory problems that must be solved to bring their inventions to market.
Companies will amass huge amounts of debt over the years that's needed to develop medical devices, drugs, and other products, which can lead to financial distress and sometimes bankruptcy filings.
