BUFFALO, N.Y. — Some of Athenex’s assets were recently auctioned off in United States Bankruptcy Court for the Southern District of Texas.
Athenex Inc., a Buffalo-based biopharmaceutical company, filed for bankruptcy in May following two years of financial struggles. The company filed a WARN notice with the state Department of Labor for 123 Western New York employees and plans to close both its locations, in Clarence and Buffalo, by Aug. 10. Earlier this month, the company received notice from Nasdaq that it would be delisted, according to a filing with the U.S. Securities Exchange Commission.
A Hong Kong-based company, C-Mer Specialty Group Limited, was the highest bidder for Athenex R&D’s assets used in small molecule or Orascovery business, according to the SEC. The company paid $2.5 million in cash with another $5 million to be paid once global sales of Athenex’s breast cancer treatment, oral paclitaxel, reach $10 million. The sale closed July 7. You can read the full story on Buffalo Business First's website.
