The US Bankruptcy Court gave an order approving the stalking bid agreement relating to the sale of substantially all its assets of Athenex R&D LLC on June 07, 2023. The Court approved the asset purchase agreement between the debtor and C-MER Specialty Group Limited, the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $2.50 million in cash. The debtor?s assets include substantially all assets of R&D and Athenex solely relating to the operation of their Orascovery Business.

To qualify as a qualified bidder, interested parties should submit their bids by June 12, 2023. If the debtor receives any qualified bids then it would hold an auction for its assets on June 15, 2023. The stalking horse bidder would be entitled to a break-up fee of $0.08 million and expense reimbursement of $0.03 million in case of termination of the asset purchase agreement.