Cassel Salpeter & Co. Facilitates Sale of Athenex Generic Injectable Assets to Sagent Pharmaceuticals in Global Biotech Firm’s Ch. 11 Bankruptcy

MIAMI – Dec. 11, 2023 Cassel Salpeter & Co., an independent investment banking firm that provides advisory services to middle market and emerging growth companies in the United States and worldwide, today announced that it has successfully facilitated the sale of certain assets of Athenex, Inc. (“Athenex”), a broadly diversified global biopharmaceutical company. 

Assets related to the generic injectable business were sold to Sagent Pharmaceuticals, Inc. (“Sagent Pharmaceuticals”), a developer and manufacturer of specialty injectable pharmaceuticals. Accounts receivable related to the generic injectables business were sold to Oaktree Capital Management, LP. Assets related to the Orascovery oral cancer therapy platform were sold to C-MER Specialty Group Limited (HKG:03309).  

Athenex was dedicated to the discovery, development and commercialization of novel therapies for the treatment of cancer and operated a specialty pharmaceuticals business (“APD”) that sourced products through licensing agreements with global partners. The APD division marketed generic injectables in vials, bags and pre-filled syringes. The Orascovery platform reformulated parenteral chemotherapeutic agents into oral dosage forms.  

Headquartered in Schaumburg, Ill., Sagent Pharmaceuticals offers a broad range of products across anti-infective, oncology and critical care indications in a variety of presentations, including single and multi-dose vials and ready-to-use pre-filled syringes and premix bags.

“The Athenex team had built an impressive generic injectables business and was at the forefront in the development of oncology therapies, but was unfortunately caught up in the unfavorable conditions presented by the broader biotech market before they could reach their ultimate goal,” said Cassel Salpeter Managing Director Philip Cassel. “By leveraging our healthcare domain expertise and working closely with the highly regarded management team and all-star cast of professionals, we were fortunate to achieve a positive result and monetize many of the assets.”

The Cassel Salpeter team was led by Managing Directors Philip Cassel, Ira Leiderman, and Chairman James Cassel, with the assistance of Associate Tahz Rashid.

“Phil and his team were instrumental in capturing as much value for the assets as possible during a very difficult time,” said former Chairman and CEO of Athenex Dr. Johnson Lau. “I am confident that the best possible outcome was achieved as they put forward a fully exhaustive effort to educate potential buyers on the value of our different lines of business.”

Nick Campbell of Meru, LLC, acted as chief restructuring officer. Devin Battiston and Samier Saleem of Meru, LLC were restructuring advisors to Athenex.  

Richard Pachulski, Shirley Cho, Debra Grassgreen, Maxim Litvak, Benjamin Wallen, James O’Neill, Cia Mackle and Richard Gruber of Pachulski Stang Ziehl & Jones LLP were counsel for the debtor. 

Phillip Delmont of Harter, Secrest & Emery LLP was special counsel for the debtor.  

About Cassel Salpeter & Co.:

Cassel Salpeter & Co. LLC is an independent investment banking firm that provides advice to middle market and emerging growth companies in the U.S. and worldwide. Together, the firm’s professionals have more than 50 years of experience providing private and public companies with a broad spectrum of investment banking and financial advisory services, including: mergers and acquisitions; equity and debt capital raises; fairness and solvency opinions; valuations; and restructurings, such as 363 sales and plans of reorganization. Cofounded by James Cassel and Scott Salpeter, the firm provides objective, unbiased, results-focused services that clients need to achieve their goals. Personally involved at every stage of all engagements, the firm’s senior partners have forged relationships and completed hundreds of transactions and assignments nationwide. The firm’s headquarters are in Miami. Member FINRA and SIPC. More information is available at


Editor’s note: Interviews available upon request.