National Resilience, the contract development and manufacturing organisation (CDMO) that has raised over $2 billion since its 2020 founding, announced Monday it would “wind down” facilities whilst securing $250 million in bridge financing from existing investors.
The company’s restructuring involves an affiliate filing for bankruptcy to manage leases on six manufacturing facilities, though National Resilience itself is not entering bankruptcy proceedings. Operations will continue at facilities in Toronto and Cincinnati, Ohio, where the company manufactures GLP-1 diabetes drugs for Eli Lilly.
Strategic Focus Shift
Chief Executive William Marth outlined the company’s refined strategy in a letter to customers, stating that Resilience would focus on “high-growth segments of advanced therapeutics manufacturing” whilst consolidating operations. The company acknowledged that its “capacity expansion has outpaced industry demand”.
The restructuring reflects broader challenges facing the biotech manufacturing sector. The biotechnology industry has experienced a sharp increase in bankruptcy filings, with 13 biotech companies filing for Chapter 11 protection in 2024 and 14 in 2023 – the highest numbers since 2010.
Industry Context
The difficulties stem from challenging funding conditions following the pandemic boom, when “companies were able to raise capital during the pandemic resulted in biotech companies taking on more debt financing than previously”. Rising interest rates have further constrained access to capital for biotech firms.
Industry experts note that “Chapter 11 is really just the tip of the iceberg,” as many biotechs dissolve through less visible proceedings rather than formal bankruptcy processes.
Company Background
Founded in 2020 by ARCH Venture Partners, National Resilience positioned itself as a technology-focused biomanufacturing company designed to strengthen pharmaceutical supply chains. The company has built a network of facilities across North America, focusing on complex therapeutics including biologics, vaccines, and cell and gene therapies.
In July 2024, Resilience secured $410 million in financing from the U.S. Department of Defense and Development Finance Corporation to establish domestic biomanufacturing capacity, highlighting the strategic importance of onshore pharmaceutical production capabilities.
The restructuring allows National Resilience to maintain operations whilst addressing overcapacity issues that have emerged as biotech investment patterns normalised following the pandemic period.
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