Athenex names winning bidders for pharmaceutical division assets

By Sarah Lizee

Olympia, Wash., June 23 – Athenex, Inc. named Sagent Pharmaceuticals the winning bidder for some of the assets of Athenex Pharmaceutical Division, LLC, according to a notice filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

The purchase price is $14 million, subject to adjustment, plus the assumption of at least $7 million of cure liabilities with a commitment to cure $1.54 million of section 503(b)(9) liabilities arising under certain contracts.

The company also named Oaktree Strategic Credit Asset Holdings, LLC, and Oaktree fund Administration, LLC the winning bidders for other assets of the pharmaceutical division. The purchase price is a $20 million credit bid.

Avenacy Inc. was named backup bidder for the same assets Sagent bid on. Avenacy’s bid consists of $13.7 million, plus assumption of at least $2.03 million of cure liabilities with a commitment to cure $1.54 million of section 503(b)(9) liabilities arising under certain contracts.

A sale hearing is scheduled for Tuesday.

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.

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