Athenex receives court approval to sell Orascovery business to C-MER

By Sarah Lizee

Olympia, Wash., June 22 – Athenex, Inc. received approval to sell its Orascovery business to stalking horse bidder C-MER Specialty Group Ltd., according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

The purchase price is $2.5 million, plus a milestone payment of $5 million after net sales of Oraxol have reached $10 million, as previously reported.

Athenex is a clinical-stage biopharmaceutical company with headquarters in Buffalo, N.Y. The company filed bankruptcy on May 14 under Chapter 11 case number 23-90295.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.