Editor’s note: This is part of a series about bankruptcy in the biopharma industry. Click here for the main piece, about how threats facing the industry could lead to more filings, and click here to see 31 biopharmas at high risk of bankruptcy for 2020.
Eleven biopharmas have filed for bankruptcy so far this year, including Purdue Pharma, Achaogen and Pernix Therapeutics.
While Chapter 11 filings are rare in the biotech and pharma industries, more drugmakers have this year fallen to zero than in any year since at least 2011.
Legal liabilities have loomed large, with several drugmakers feeling the weight of thousands of opioids lawsuits. Purdue Pharma and Insys Therapeutics have both declared bankruptcy, while multiple other opioid drugmakers remain at risk.
Antibiotics makers Achaogen and Aradigm, meanwhile, struggled mightily in 2019. Even with the recent FDA approval, Achaogen hit commercial roadblocks that forced it under — further evidence of what some have termed a market failure for antimicrobial drugs.
Here’s the full list of 2019 biopharma bankruptcies: