Karyopharm Files Chapter 11 and Agrees to Merge With Ayrmid Under Court-Supervised Sale

Karyopharm Therapeutics has entered a Restructuring Support Agreement with its existing lenders and noteholders that provides for a merger between Ayrmid Ltd. and a reorganized Karyopharm, and the company has filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas. PR Newswire published the announcement on November 2, 2026.

Karyopharm is a commercial-stage pharmaceutical company that develops oral SINE/XPO1 inhibitors for cancer and markets XPOVIO (selinexor) for multiple myeloma in the U.S. and through licensing partners in more than 50 countries. Ayrmid, the parent company of Gamida Cell Inc., is a commercial-stage biotechnology company focused on therapies for hematological disorders, with two FDA-approved products, Omisirge and APHEXDA.

How the Ayrmid Merger and Chapter 11 Process Work

Karyopharm anticipates completing the transaction through a Chapter 11 plan and will seek court approval of bidding procedures that allow other parties to submit competing proposals and bids for the company's assets. Ayrmid will serve as lead bidder in the court-supervised sale process. The transaction is expected to close in the first quarter of 2027, subject to the conditions described in the Chapter 11 plan.

Karyopharm has secured commitments for up to $55 million in debtor-in-possession financing from its existing secured lenders. Once approved by the court, that financing, combined with cash from ongoing operations, is expected to support the business through the Chapter 11 process and meet financial obligations arising after the filing date. TradingView also reported the Chapter 11 filing, the Ayrmid merger agreement and the up to $55 million DIP commitment.

"Following a comprehensive review of available alternatives, we believe this process provides a clear framework to pursue a value maximizing transaction for our stakeholders while continuing our important work of advancing therapies for patients with multiple myeloma and myelofibrosis," said Richard Paulson, President and Chief Executive Officer at Karyopharm. Dr. Joe Wiley, Chairman and CEO of Ayrmid, said the two companies have complementary portfolios and a shared commitment to hematology, adding that Ayrmid sees potential in Karyopharm's marketed products, development pipeline and team.

Karyopharm's Revenue and Cash Position Before the Filing

According to akta.pro company records, Karyopharm reported $146.1 million in full-year 2025 total revenue, including $114.9 million in U.S. XPOVIO net product revenue, and guided to $130-150 million in total revenue for 2026. The same records show a cash position of $91.2 million at the end of the first quarter of 2026, extended into late Q3 2026 following a $30 million private placement with RA Capital Management in March 2026. The company's total funding stands at $637.2 million.

Karyopharm's Path to the Restructuring Agreement

In August 2026, Karyopharm reported strong Phase III data for a myelofibrosis combination therapy while facing an imminent liquidity crisis with a $15.8 million loan payment due September 10, according to Insider Trading & Hedge Fund Data. On September 30, 2026, Karyopharm granted 333 restricted stock units to a newly hired employee under its 2022 Inducement Stock Incentive Plan, PR Newswire reported. In October 2026, American Banking and Market News compared Merck and Karyopharm on profitability, analyst ratings and valuation.

Court Approval and First-Quarter 2027 Closing

Karyopharm will seek court approval of bidding procedures for the sale process and of the DIP financing. The transaction is expected to close in the first quarter of 2027.