Shares of biopharmaceutical company Codiak BioSciences (NASDAQ:CDAK) have lost nearly half of their value in the pre-market session today already after the company filed for Chapter 11. It now plans to pursue an assets ale to realize maximum value.
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Further, CDAK has already initiated moves to gauge market interest ahead of the filing and is in talks with multiple suitors.
The top brass of Codiak is expected to depart in the first week of April. The bankruptcy filing comes after a nearly 93% drop in CDAK share price over the past year which saw its market capitalization shrivel to roughly $16.2 million. The figure would further shrink to ~$8 million at the opening bell today.
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