Karyopharm files for Chapter 11 bankruptcy as it pursues merger with Ayrmid

Karyopharm Therapeutics has filed for Chapter 11 bankruptcy while seeking a merger with U.K. biotech Ayrmid. The court‑supervised process is intended to provide a financial lifeline for the company.

The transaction is expected to close in the first quarter of 2027, with Ayrmid acting as the lead bidder. Other firms may still submit competing proposals for Karyopharm's assets.

During the bankruptcy proceedings, Karyopharm says it will continue operating its multiple myeloma and myelofibrosis programs, including its marketed drug Xpovio, and will seek debtor‑in‑process financing of up to $55 million to keep operations running.

The filing follows an August update in which the company disclosed it only had cash to sustain operations through September, highlighting the severity of its financial strain.