Nobex, a drug development company that raised more than $80 million in venture capital, has filed for Chapter 11 bankruptcy, according to The News & Observer and the Triangle Business Journal.

Nobex lost out on a drug development partnership with GlaxoSmithKline in a deal that would have been worth more than $200 million.

According to The N&O, Biocon of India, an investor and partner with Nobex in development of an insulin pill, has offered to buy the intellectual property of Nobex.