Struggling key biotech firm files for Chapter 11 bankruptcy
The biotechnology firm filed bankruptcy to sell its assets in an auction after facing severe liquidity issues.
The biotechnology sector has faced a spike in bankruptcy filings over the last two years which has begun to carry over into 2025.
In 2024, 13 biotech companies filed for bankruptcy with six companies reorganizing and seven liquidating and going out of business, BioSpace reported. Bankruptcy filings were slightly higher in 2023, with the most recorded filings since 2010 at 14 petitions submitted.
