Karyopharm filed Chapter 11 on November 2, 2026 with Ayrmid as lead bidder. The plan hands lenders 55% of the merged company and cancels all existing shares.
Last updated: November 4, 2026
Karyopharm Therapeutics filed voluntary Chapter 11 petitions on November 2, 2026 in the Southern District of Texas. Ayrmid Ltd is the lead bidder for a merger with the reorganized company, lenders take 55% of the combined entity, and existing common and preferred stock is cancelled with no distribution.
This page covers the Karyopharm restructuring in detail, plus the day’s other major evidence: Amgen and Pfizer third quarter results, Rhythm’s amended LG Chem license and $750 million credit facility, and the FDA’s May 1, 2027 action date for uniQure’s Huntington’s disease gene therapy.
Why did Karyopharm file for Chapter 11?
The Xpovio maker ran out of road with its lenders. A forbearance period ended on the November 2 petition date, and the filing accelerated roughly $366 million of obligations, a sum we computed from the components disclosed in the company’s 8-K.
Those components, each stated in the filing: approximately $129.0 million under the credit and guaranty agreement, $15.6 million of 2028 notes, $108.0 million of 2029 notes, and $113.5 million under the revenue interest financing agreement. Karyopharm and subsidiary KPT Texas LLC filed in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, with a restructuring support agreement already signed by 100% of each secured lender class. The company says ordinary course operations, including Xpovio supply, continue through the process.
The estate is funded by a $110 million debtor in possession (DIP) facility: up to $55 million of new money (up to $25 million available on the interim order) plus up to $55 million of prepetition debt rolled up dollar for dollar. Pricing tells you what distress costs in this market: SOFR with a 3.00% floor plus 9.00% on the new money and plus 12.25% on the roll up, paid in kind quarterly, with exit fees of 4.00% and 8.00% respectively. The company’s press release headline cited “$55 million in additional financing,” which is the new money portion alone.
What does the Ayrmid plan give lenders and shareholders?
Lenders become owners and shareholders are wiped out. Funded debt claims plus excess DIP claims exchange into 100% of reorganized Karyopharm, which then merges with Ayrmid: creditors receive 55.0% of the combined company plus contingent value rights, and Ayrmid’s existing holders keep 45.0%.
| Term | Detail (per the November 2 filings) |
|---|---|
| Petition date and court | November 2, 2026, S.D. Texas, Houston Division |
| DIP financing | $110M total: $55M new money + $55M roll up; SOFR (3% floor) plus 9.00% / 12.25% |
| Debt accelerated | About $366M across four instruments (our sum of disclosed components) |
| Ownership after merger | Creditors 55.0% of NewCo plus myelofibrosis CVRs; Ayrmid holders 45.0% |
| Minimum competing bid | $363.6M closing payment under the bidding procedures |
| Existing common and preferred stock | Cancelled; no payment or other distribution |
The Ayrmid transaction is a stalking horse bid, open to higher offers, with a break up fee of 3% of the bid protection base plus expense reimbursement capped at 1% (the base figure is defined in a term sheet not included in the public exhibits). The restructuring support agreement sets a floor of $335.4 million in closing payments for any alternative sale, and the bidding procedures require a minimum $363.6 million closing payment once unsecured claims and bid protections are counted. The 8-K is blunt on the equity: the plan “provides that holders of the Company’s common stock and the Convertible Preferred Stock will not receive any payment or other distribution,” and the company expects its existing equity securities will have no value, with Nasdaq delisting expected. The revenue interest financing is replaced with a new unsecured royalty of 3.0% on net revenue from selinexor containing products for five years.
What happens to Xpovio and the myelofibrosis filing?
Xpovio stays on the market, and the pending myelofibrosis application is the deal’s engine. Karyopharm’s 8-K calls the selinexor plus ruxolitinib supplemental NDA, submitted August 31 under the accelerated approval pathway, “the principal driver of the value” of the business and of the contingent value rights.
The FDA’s day 60 passed on October 27 with no refuse to file decision, and the company expects the day 74 letter on or about November 10, 2026. In a reorganization, the parent company remains the NDA holder, which avoids a license transfer. The process timeline from the filings: interim DIP and bidding procedure orders requested within three calendar days of the petition, a November 30 voting deadline (4:00 pm Central), a combined confirmation hearing requested on or about January 11, 2027, closing expected in the first quarter of 2027, and a plan effective date within 110 days of the petition. Ayrmid chairman and CEO Dr. Joe Wiley cited “a strong strategic fit between Ayrmid and Karyopharm, with complementary portfolios.”
The tape graded the structure immediately. Karyopharm shares fell 83.1% on Monday, the filing day, to 11 cents, and another 21.2% on Tuesday to a settled close of $0.0883 (percentages are our arithmetic from Robinhood market data). A reminder of what the paper is worth under the plan: zero.
How strong was Amgen’s third quarter?
Revenues rose 8% to $10.4 billion, with product sales of $9.883 billion also up 8% on volume. GAAP earnings per share rose 19% to $7.08 and non GAAP EPS rose 14% to $6.45. Seventeen products are annualizing above $1 billion, per the release.
| Product | Q3 2026 sales | Change |
|---|---|---|
| Repatha | $1,085M | +37% |
| UPLIZNA | $451M | +191% |
| IMDELLTRA | $406M | +128% |
| EVENITY | $751M | +39% |
| TEZSPIRE | $538M | +43% |
| Prolia | $632M | −45% |
| XGEVA | $288M | −47% |
The denosumab franchise is eroding fast under global biosimilar competition, and Otezla fell 18%, but the growth block more than covered it. Amgen put 2026 guidance at total revenues of $38.9 billion to $39.7 billion, GAAP EPS of $18.34 to $19.28, and non GAAP EPS of $22.90 to $23.70; the release did not restate the prior ranges. On the pipeline, MariTide’s Phase 3 map keeps widening: enrollment is complete in MARITIME-CV and both sleep apnea studies, a head to head against semaglutide in type 2 diabetes has begun enrolling, and two more Phase 3 diabetes studies start in the fourth quarter. The olpasiran OCEAN(a) outcomes study remains ongoing with no readout. Amgen closed at $461.26, down 0.9% ahead of the print; Wednesday is the first session that gets to react to the results.
Why did Pfizer fall after raising 2026 guidance?
Pfizer raised full year revenue guidance by $1.5 billion at the midpoint and raised its adjusted EPS range, and the stock closed down 2.2% at $30.00 anyway. The company reported third quarter revenues of $16.6 billion, roughly flat, with ex COVID revenue up 7% operationally.
| 2026 guidance | Previous | New (November 3) |
|---|---|---|
| Revenues | $60.5B to $62.5B | $62.0B to $64.0B |
| Adjusted diluted EPS | $2.80 to $3.00 | $2.95 to $3.05 |
The new EPS range absorbs a one time $650 million acquired IPR&D charge for the Innovent in licensing deal, worth about $0.10 per share, which makes the raise larger than it looks. Eliquis grew 25% on higher US net price, Padcev grew 55%, and the Vyndaqel family grew 12%, against a 63% Paxlovid decline and a 29% Comirnaty decline that the release ties in part to narrower vaccine recommendations. Adjusted EPS was flat at $0.87. Cecile Guegan took over as CFO on November 1. We will not assign a cause to the session’s decline, but the pattern is on the record: a major delivered a beat and a raise and cleared lower, the same shape Johnson & Johnson printed in October.
What did Rhythm agree to pay LG Chem for bivamelagon?
Rhythm bought down its royalty. The amendment cuts LG Chem’s royalty on global net sales of Rhythm’s MC4R agonist portfolio from low to mid single digits to a flat 1%, in exchange for $350 million of fixed payments over four years and a new sales milestone.
| Term | Original (January 2024) | Amended (November 2) |
|---|---|---|
| Upfront | $80M cash + $20M stock | Unchanged (paid) |
| Royalty on MC4R portfolio | Low to mid single digits | 1% of global net sales from January 1, 2029 or first bivamelagon sale |
| Fixed payments | None | $350M: $70M now, $100M Sep 2027, $100M Sep 2028, $80M Sep 2029 |
| Milestones | Up to $205M | Up to $205M, plus up to $200M at $3B annual portfolio sales |
The money comes from a five year term loan of up to $750 million led by KKR’s HealthCare Royalty with funds managed by Blackstone: $500 million committed, a $250 million initial draw expected November 6, up to $250 million more available through June 2028, priced at SOFR plus 4.60% with no amortization before maturity and no equity component. The same day, Rhythm reported $92.1 million of IMCIVREE revenue for the third quarter, up 29% sequentially, with more than 700 patient start forms in acquired hypothalamic obesity from more than 500 prescribers since the March approval. Bivamelagon, the oral MC4R agonist licensed from LG Chem, is set to enter a pivotal Phase 3 in acquired hypothalamic obesity by year end. Rhythm closed at $86.44, down 7.5%, in the first session to react to the amendment and the quarter; final Phase 3 data in acquired hypothalamic obesity land at ObesityWeek on November 14 to 17.
When will the FDA decide on uniQure’s Huntington’s gene therapy?
May 1, 2027. The FDA accepted uniQure’s biologics license application for ifezuntirgene inilparvovec, also called AMT-130, with priority review, under the accelerated approval pathway. The agency told the company it is tentatively planning an advisory committee meeting, date not set.
uniQure announced the acceptance Monday morning, November 2. The application rests on the 36 month Phase 1/2 analysis against a propensity matched external control from the Enroll-HD natural history database, with 51 patients dosed across the program, and the therapy holds Breakthrough, RMAT and Fast Track designations. The agreed confirmatory study randomizes about 200 patients 2 to 1 against standard of care with total functional capacity at 36 months as the primary endpoint, and US screening is planned to begin by the end of 2026. If approved, this would be the first disease modifying treatment for Huntington’s disease, a claim the company itself conditions on approval. One correction of our own: Monday’s edition printed the 7.5% uniQure decline as a move without a disclosed cause. That was wrong. The acceptance release had crossed that morning, and the session traded with it in hand; sell side notes flagged the tentative advisory committee as the overhang while calling the acceptance itself a positive sign on accelerated approval (per BioSpace’s reporting). The stock recovered 3.9% on Tuesday to $23.87.
What else moved on November 3?
BioNTech reported third quarter revenues of €1,289.2 million, down from €1,518.9 million on lower COVID vaccine demand, and moved 2026 revenue guidance to €1,700 to €1,900 million from €1,600 to €1,900 million, which the CFO described as narrowing to the upper end. The release also confirmed the BNT113 Phase 2/3 progression free survival miss in HPV16 positive head and neck cancer (the trial continues to overall survival) and an early termination of the randomized Phase 2 of autogene cevumeran in circulating tumor DNA positive resected colorectal cancer. BioNTech ADRs closed down 0.7%.
In the recurrent respiratory papillomatosis duopoly, Inovio gave back 12.2% to $1.66 in its second session after Monday’s 213.7% repricing, while Precigen added 2.1% to $5.25. The reported $115,000 per dose Voceryq price remains a single outlet figure from MedCity News; we found no second source or company document on Tuesday. In the IPO ledger, Aspen Neuroscience fell 5.8% to $12.29 in its third session, now 18.1% below its $15.00 offer (our arithmetic), while Bambusa Therapeutics held flat at $16.00; neither company’s closing release with overallotment detail has surfaced. Elsewhere: Sun Pharma halted production of eye care drugs at an Indian plant on quality issues, Tiziana reported an intranasal foralumab multiple sclerosis readout that it says worked at the lower dose while the higher dose missed, and Vistagen cut its workforce for the second time this year (all per BioSpace, November 2). Capricor rose another 13.8% with no disclosure we could find, now up 27.8% over two sessions into its November 22 deramiocel action date.
Which stocks moved on the day’s news?
| Ticker | Nov 3 close | Change | Context |
|---|---|---|---|
| KPTI | $0.0883 | −21.2% | Second session after the Chapter 11 filing; plan cancels the equity |
| RYTM | $86.44 | −7.5% | First reaction to the LG Chem amendment, loan and Q3 |
| PFE | $30.00 | −2.2% | Beat and raised, cleared lower |
| INO | $1.66 | −12.2% | Second session after the 213.7% Voceryq repricing |
| QURE | $23.87 | +3.9% | Day after BLA acceptance with priority review |
| CAPR | $8.24 | +13.8% | No disclosure found; November 22 action date ahead |
Context: XBI closed at $154.97, up 1.9%, and SPY at $754.35, up 0.3%. Amgen closed at $461.26, down 0.9%, before its results crossed at 4:01 pm Eastern; Wednesday is the first reaction session. All closes are exchange settled figures via Robinhood market data, and all percentages are our arithmetic.
Frequently asked questions
Did Karyopharm go bankrupt?
Yes. Karyopharm Therapeutics and subsidiary KPT Texas LLC filed voluntary Chapter 11 petitions on November 2, 2026 in the US Bankruptcy Court for the Southern District of Texas, with a prepackaged plan supported by 100% of each secured creditor class.
What happens to Karyopharm (KPTI) shareholders?
Under the proposed plan, existing common stock, preferred stock, warrants, options and RSUs are cancelled with no payment or other distribution. The company itself says it expects its existing equity securities to have no value and anticipates Nasdaq delisting.
Who is Ayrmid?
Ayrmid Ltd is the stalking horse bidder that would merge with reorganized Karyopharm, leaving its own holders with 45% of the combined company. Its CEO, Dr. Joe Wiley, cited complementary portfolios; the bid remains open to higher offers through a court supervised process.
Will Xpovio stay available during the bankruptcy?
Yes. Karyopharm says ordinary course operations continue, funded by the $110 million DIP facility, and in a reorganization the parent remains the NDA holder for selinexor products.
What is the timeline for the Karyopharm sale process?
Voting closes November 30. A combined disclosure statement and confirmation hearing is requested on or about January 11, 2027, the Ayrmid transaction is expected to close in the first quarter of 2027, and the plan must go effective within 110 days of the petition.
What is the day 74 letter Karyopharm is waiting for?
The FDA’s day 74 letter on the selinexor plus ruxolitinib myelofibrosis supplemental NDA, expected on or about November 10, 2026, which typically confirms the review timeline. Karyopharm calls that filing the principal driver of the business value and of the CVRs in the merger.
How much revenue did Amgen report for Q3 2026?
Total revenues of $10.4 billion, up 8%, on product sales of $9.883 billion. GAAP EPS was $7.08 and non GAAP EPS was $6.45. Seventeen products are annualizing above $1 billion.
What is Amgen’s 2026 guidance?
Total revenues of $38.9 billion to $39.7 billion, GAAP EPS of $18.34 to $19.28, and non GAAP EPS of $22.90 to $23.70, per the November 3 release. The release did not restate prior ranges.
Did Pfizer raise its 2026 guidance?
Yes. Revenue guidance moved to $62.0 to $64.0 billion from $60.5 to $62.5 billion, a $1.5 billion raise at the midpoint, and adjusted EPS guidance moved to $2.95 to $3.05 from $2.80 to $3.00, absorbing a $650 million Innovent licensing charge.
What did Rhythm Pharmaceuticals agree to pay LG Chem?
$350 million in fixed payments over four years, plus up to $200 million if the MC4R portfolio reaches $3 billion in annual sales, in exchange for cutting LG Chem’s royalty to 1% of global net sales. The original 2024 license cost $80 million cash plus $20 million in stock.
What is bivamelagon?
An investigational oral small molecule MC4R agonist licensed from LG Chem, which has shown clinically meaningful weight loss in acquired hypothalamic obesity. Rhythm plans to start a pivotal Phase 3 in that indication by the end of 2026 and a Prader Willi hyperphagia study in 2027 pending FDA alignment.
When is the FDA decision on uniQure’s AMT-130?
The PDUFA target action date is May 1, 2027, under priority review and the accelerated approval pathway. The FDA has tentatively planned an advisory committee meeting without setting a date.
What is the confirmatory trial for AMT-130?
A randomized study of about 200 patients, 2 to 1 against standard of care, with total functional capacity at 36 months as the primary endpoint. US screening is planned to begin by the end of 2026.
How did BioNTech’s quarter look?
Revenues of €1,289.2 million, down year over year on COVID vaccine demand, with 2026 guidance moved up to €1,700 to €1,900 million. The quarter also carried the BNT113 PFS miss and an early termination of the randomized colorectal cancer study of autogene cevumeran.
Sources
Primary sources (November 2 to 3, 2026): Karyopharm Therapeutics Form 8-K, disclosure statement and press release exhibits (SEC EDGAR, event date November 2); Amgen third quarter 2026 earnings release (8-K exhibit 99.1, November 3); Pfizer third quarter 2026 earnings release (8-K exhibit, November 3); Rhythm Pharmaceuticals LG Chem amendment release (November 2) and third quarter 2026 release (November 3), ir.rhythmtx.com; uniQure BLA acceptance release (November 2), uniqure.gcs-web.com; BioNTech third quarter 2026 release (6-K exhibit 99.1, November 3).
Trade coverage (attributed in text): BioSpace (November 2): uniQure action date, Karyopharm bankruptcy, Sun Pharma plant halt, Tiziana foralumab, Vistagen layoffs; MedCity News (November 2): Voceryq list price, single outlet; pharmaphorum (October 30): Aspen Neuroscience and Bambusa IPO closings.
Market data: exchange settled closes via Robinhood market data, November 3, 2026; all percentage moves are our arithmetic.
