Latham Advises on Karyopharm Therapeutics Inc.’s Chapter 11 Restructuring

Karyopharm Therapeutics Inc. (Nasdaq: KPTI) (Karyopharm or the company), a commercial-stage pharmaceutical company pioneering novel cancer therapies, has announced that it has entered into a Restructuring Support Agreement with its existing lenders and noteholders and other key stakeholders, which provides for a merger between Ayrmid Ltd. (Ayrmid) and a reorganized Karyopharm (the transaction). During this process, Karyopharm remains focused on its commitment to advancing its multiple myeloma and myelofibrosis programs and improving the lives of the patients Karyopharm serves and will continue to operate in the ordinary course of business. To implement the transaction, Karyopharm has filed voluntary petitions under Chapter 11 of the US Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The company anticipates completing the transaction through a Chapter 11 plan, and the company will seek court approval of bidding procedures, which will allow other parties to submit competing proposals and bids for the company's assets. The transaction is expected to close in the first quarter of 2027, subject to the conditions described in the Chapter 11 plan.

Latham & Watkins LLP represents the lenders in the process with a Restructuring team led by partner David Hammerman, associate Whit Morley, and partner Keith Simon, with associates Thomas Fafara, Sahib Singh, and Christina Morrison, with assistance from Clara Jiang. The Restructuring team is complemented by Latham’s world-class Finance, Derivatives, Tax, and Healthcare Regulatory practices.