This board may want to know that maxdad is the former director of healthcare M&A at GS. I have followed his analysis in other forums--public and private. He is a consummate professional, generously shares his knowledge, and tells it like he sees it.
T...I worked at GS for many years in Healthcare M&A...retired in '06. On rare occasions we did some due diligence and structured workouts work in bankruptcy prep, so I can't say absolutely not. BUT for a situation like this I am about as sure as I could possibly be without direct knowledge of the work itself that they are there because the valuation and deal construction is exceedingly complex and that is NOT the work that Brenner does. Brenner has brought in GS and vice versa on a number of these situations. After hearing earlier that BOTH Affymax and Takeda had brought them in I should have deduced it was more than likely a situation like this.
So my take is that bankruptcy is NOT what is on the table UNLESS it is a conditional bankruptcy pending a final resolution of the current medical and liability issues and I would think that is unlikely at this stage of the game. Hope that helps.