Mergers & Acquisitions ·
Karyopharm files Chapter 11 bankruptcy; Ayrmid named stalking horse bidder for merger
KPTIKaryopharm Therapeutics Inc.
Karyopharm Therapeutics Inc. and its subsidiary filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code on November 2, 2026, in the Southern District of Texas. The company entered into a Restructuring Support Agreement with holders of 100% of its funded debt, appointing Ayrmid Ltd., majority-owned by Highbridge Capital Management, as the stalking horse bidder for a proposed merger. Under the plan, existing common and preferred stock will be cancelled with no distribution to equity holders. The company also secured a $110 million debtor-in-possession (DIP) facility to fund operations during the restructuring process. Ayrmid's offer serves as the minimum bid in a court-supervised marketing and auction process for the company's assets, with the transaction expected to close in the first quarter of 2027 subject to court approval. Karyopharm Therapeutics Inc. is a commercial-stage pharmaceutical company developing novel cancer therapies.