Karyopharm files Chapter 11 and taps Irish biotech Ayrmid as lead bidder for merger

Karyopharm Therapeutics, a Massachusetts-based biopharma, entered Chapter 11 bankruptcy as part of a plan to merge with Irish hematology biotech Ayrmid.

The move follows a cash crisis revealed in its second-quarter earnings, where the company said its cash runway would only last about a month despite revenue from its multiple myeloma drug Xpovio.

Ayrmid, the parent of blood-cancer developer Gamida Cell, has been named the lead bidder in a court-supervised auction of Karyopharm’s assets. The terms of its bid were not disclosed, and other bidders may still submit proposals.

Karyopharm has secured up to $55 million in debtor-in-possession financing from existing lenders, which together with Xpovio sales should fund operations until the merger is completed, expected in the first quarter of 2027.