Sangamo Therapeutics ran out of cash. Eli Lilly and Astellas want the science it spent decades building.

Sangamo Therapeutics ( SGMO) on Tuesday reported that it has commenced voluntary Chapter 11 bankruptcy proceedings in Delaware to facilitate a court-supervised reorganization, concurrent with entering into separate asset sale agreements with Eli Lilly ( LLY) and Astellas Pharma ( ALPMF ).

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While Chapter 11 does not require debtor insolvency, it does require good faith (applicable to the petition and the plan), which for solvent debtors seeking to reject and modify lease-counterparty rights, includes establishing some level of financial ...