RestructuringJun 23, 2026, 08:52 AM
Sangamo Therapeutics Files Chapter 11; Lilly to Acquire Assets for $50M
AI Summary
Sangamo Therapeutics, Inc. filed a voluntary petition for Chapter 11 bankruptcy on June 23, 2026, in the U.S. Bankruptcy Court for the District of Delaware. The company will continue to operate as a "debtor-in-possession" with the goal of maximizing stakeholder value through asset sales. Concurrently, Sangamo entered into a stalking horse asset purchase agreement with Eli Lilly and Company, under which Lilly will acquire certain technology platforms and intellectual property for $50 million plus assumed liabilities. This agreement is subject to court approval and potential higher bids.
Key Highlights
- Filed voluntary petition for Chapter 11 bankruptcy on June 23, 2026.
- Will operate as a "debtor-in-possession" under court jurisdiction.
- Objective is to maximize value for stakeholders through asset sales.
- Entered stalking horse asset purchase agreement with Eli Lilly for $50M.
- Lilly to acquire AAV, zinc finger, Modular Integrase platforms, and prion disease program.
- Lilly's offer serves as a minimum bid, subject to higher bids and court approval.
Price Impact
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