Background: Athenex, Inc. (“Athenex”), based in Buffalo, NY, is a diversified global biopharmaceutical company dedicated to the sale of specialty pharmaceuticals via licensing agreements with global partners and the development of novel therapies for the treatment of cancer.
Cassel Salpeter:
Served as financial advisor to the company
Conducted a robust sales process, identifying and contacting nearly 300 strategic and financial parties
Significantly increased the value of the opening bid by running a competitive auction
Worked with the company to monetize ancillary assets to generate incremental value for the estate
Challenges:
Seeking to sell multiple, unrelated divisions of the company
Significant capital needed to fund clinical trial programs for developmental assets post acquisition
Significant cure costs required bidders to negotiate deals with vendors
Outcome: In June 2023, the court approved the sale of Athenex’s APD assets to Sagent Pharmaceticals, Inc. Accounts receivable were sold to Oaktree Capital Management, LP. Assets related to the Orascovery platform were sold to C-MER Specialty Group Limited (HKG:03309).
