KaloBios Pharmaceuticals is seeking bankruptcy court permission to buy rights to a drug that could be in line for a lucrative priority review voucher, a ticket for a fast trip through the regulatory process.

The company filed for bankruptcy protection not long after its ousted chief executive, Martin Shkreli, was arrested on securities fraud charges unrelated to KaloBios. At the time of his arrest, Mr. Shkreli was trying to land the rights to the drug, benznidazole.

Benznidazole, the drug at issue, is an established treatment for Chagas disease, which is an parasitic infection designated as neglected and in need of attention as a public health matter by U.S. regulators. The designation means benznidazole might qualify for an FDA voucher of the type that in the past has sold for as much as $350 million.

And that could mean profits for Mr. Shkreli, who was ousted from his post as chief executive of KaloBios after his arrest on securities fraud charges in December, but who remains a major shareholder. In a bankruptcy court filing Tuesday, KaloBios said it is “very likely solvent” and is running its affairs to benefit shareholders.

Peter Ivanick, KaloBios’s lead bankruptcy counsel, also said in an email Wednesday that the company’s board “is considering all of its options in connection with Mr. Shkreli’s stock position.”