---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-188536"
form_type: "8-K"
ticker: null
cik: "0001300699"
company_name: "Athenex, Inc."
filed_at: "2023-07-18T23:59:59+00:00"
generated_at: "2026-06-13T06:52:04.984441+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Athenex sells Orascovery assets for $2.5M + milestone, APD assets for $14M amid Chapter 11

## Summary
- Health Hope Pharma (C-Mer assignee) bought Orascovery assets for $2.5M cash plus $5M milestone on oral paclitaxel sales.
- Sagent Pharmaceuticals purchased APD assets for ~$14M; Oaktree credit-bid $20M for APD cash and receivables.
- Settlement with Almirall, Sagard, Oaktree: Almirall buys tirbanibulin inventory up to $2.44M; Sagard releases $3.5M escrow.
- CEO Jeffrey Yordon and CFO Daniel Lang terminated June 30, 2023; Lang retained as consultant at $210/hour through July 31.
- Company cautions common stock trading is highly speculative during bankruptcy; recovery for shareholders uncertain.

## SEC filing metadata
- accession: 0001193125-23-188536
- form_type: 8-K
- cik: 0001300699
- company_name: Athenex, Inc.
- filed_at: 2023-07-18T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 1.02, 1.03, 2.01, 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1300699/000119312523188536/0001193125-23-188536-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1300699/000119312523188536/d520119d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-188536
- JSON: https://secwatch.observer/filing/0001193125-23-188536.json
- Plain text: https://secwatch.observer/filing/0001193125-23-188536.txt

## Key facts
- Distress & Bankruptcy
  Athenex, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2023-05-14).
  - Proceeding: chapter 11
  - Court: United States Bankruptcy Court for the Southern District of Texas
  - Petition: 2023-05-14
  source text: filed voluntary petitions (collectively, the “Chapter 11 Case”) for relief under Chapter 11 of the United States Bankruptcy Code (the “Code”) with the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523188536/0001193125-23-188536-index.htm
- Executive change
  Daniel Lang was terminated as other_named_officer at Athenex, Inc..
  - Action: terminated
  source text: On June 30, 2023, the Company terminated the employment of Jeffrey Yordon and Daniel Lang in connection with the Chapter 11 Case.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523188536/0001193125-23-188536-index.htm
- Executive change
  Jeffrey Yordon was terminated as other_named_officer at Athenex, Inc..
  - Action: terminated
  source text: On June 30, 2023, the Company terminated the employment of Jeffrey Yordon and Daniel Lang in connection with the Chapter 11 Case.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523188536/0001193125-23-188536-index.htm
- M&A Transactions
  Athenex, Inc. completed a disposition involving Sagent Pharmaceuticals for approximately $14.0 million (closed 2023-06-30).
  - Action: disposition
  - Counterparty: Sagent Pharmaceuticals
  - Consideration: approximately $14.0 million
  - Closing: 2023-06-30
  source text: On June 23, 2023, Athenex Pharmaceutical Division, LLC (“APD”), one of the Debtors and a subsidiary of the Company, entered into an asset purchase agreement (“APD Agreement”) with Sagent Pharmaceuticals (“Sagent”), pursuant to which Sagent agreed to purchase the assets used in APD’s business, excluding its cash, cash equivalents and accounts receivable, among other things (the “APD Assets”), subject to the terms and conditions contained in the APD Agreement. Sagent was the highest bidder at Auction and paid a cash purchase price of approximately $14.0 million for the APD Assets at closing. The sale of the APD Assets was approved by the Bankruptcy Court on June 27, 2023 and closed on June 30, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523188536/0001193125-23-188536-index.htm
- M&A Transactions
  Athenex, Inc. completed a disposition involving Health Hope Pharma Limited for $2.5 million (closed 2023-07-07).
  - Action: disposition
  - Counterparty: Health Hope Pharma Limited
  - Consideration: $2.5 million
  - Closing: 2023-07-07
  source text: On June 29, 2023, C-Mer assigned its rights and obligations under the Orascovery Agreement to Health Hope Pharma Limited (“Orascovery Buyer”). Under the Orascovery Agreement, the Orascovery Buyer paid a cash purchase price of $2.5 million for the Orascovery Assets at closing, with a milestone payment of $5.0 million to be promptly paid to Athenex R&D LLC after worldwide net sales of oral paclitaxel have reached $10.0 million. The sale of the Orascovery Assets was approved by the Bankruptcy Court on June 21, 2023 and closed on July 7, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523188536/0001193125-23-188536-index.htm
- Material Agreements
  Athenex, Inc. entered into Orascovery Agreement with C-Mer Specialty Group Limited ("C-Mer") valued at $2.5 million (effective 2023-06-06).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: C-Mer Specialty Group Limited ("C-Mer")
  - Value: $2.5 million
  - Effective: 2023-06-06
  source text: On June 6, 2023, the Company and Athenex R&D LLC, one of the Debtors and a subsidiary of the Company, entered into an asset purchase agreement (“Orascovery Agreement”) with C-Mer Specialty Group Limited (“C-Mer”), pursuant to which C-Mer agreed to purchase the Debtor’s assets used in the Company’s small molecule, or Orascovery, business (the “Orascovery Assets”) subject to the terms and conditions contained in the Orascovery Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523188536/0001193125-23-188536-index.htm
- Material Agreements
  Athenex, Inc. entered into Oaktree Agreement with Oaktree Strategic Credit Asset Holdings, LLC and Oaktree Fund Administration, LLC (collectively, "Oaktree") valued at $20.0 million.
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Oaktree Strategic Credit Asset Holdings, LLC and Oaktree Fund Administration, LLC (collectively, "Oaktree")
  - Value: $20.0 million
  source text: At Auction, Oaktree Strategic Credit Asset Holdings, LLC, and Oaktree Fund Administration, LLC (collectively, “Oaktree”) agreed to purchase APD’s cash, cash equivalents, accounts receivable, prepaid expenses, and books and records (the “APD AR”) under the terms of an asset purchase agreement between Oaktree and APD (the “Oaktree Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523188536/0001193125-23-188536-index.htm
- Material Agreements
  Athenex, Inc. entered into APD Agreement with Sagent Pharmaceuticals ("Sagent") valued at approximately $14.0 million (effective 2023-06-23).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Sagent Pharmaceuticals ("Sagent")
  - Value: approximately $14.0 million
  - Effective: 2023-06-23
  source text: On June 23, 2023, Athenex Pharmaceutical Division, LLC (“APD”), one of the Debtors and a subsidiary of the Company, entered into an asset purchase agreement (“APD Agreement”) with Sagent Pharmaceuticals (“Sagent”), pursuant to which Sagent agreed to purchase the assets used in APD’s business, excluding its cash, cash equivalents and accounts receivable, among other things (the “APD Assets”), subject to the terms and conditions contained in the APD Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523188536/0001193125-23-188536-index.htm
- Material Agreements
  Athenex, Inc. entered into Settlement Agreement with Almirall, S.A., Almirall LLC, Sagard Healthcare Royalty Partners, LP, and Oaktree (collectively) valued at up to $2.44 million (effective 2023-06-12).
  - Action: entry
  - Agreement: settlement
  - Counterparty: Almirall, S.A., Almirall LLC, Sagard Healthcare Royalty Partners, LP, and Oaktree (collectively)
  - Value: up to $2.44 million
  - Effective: 2023-06-12
  source text: As of June 12, 2023, the Company, Athenex Pharma Solutions, LLC (“APS”), one of the Debtors and a subsidiary of the Company, Almirall, S.A. and Almirall LLC (together with Almirall, S.A., “Almirall”), Sagard Healthcare Royalty Partners, LP (“Sagard”) and Oaktree entered into a settlement agreement (the “Settlement Agreement”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523188536/0001193125-23-188536-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.