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››Mallinckrodt can dodge Acthar’s royalties in Chapter 11

Mallinckrodt can dodge Acthar’s royalties in Chapter 11

By Laura Wirth
November 4, 2021
19
0
By Rick Archer (Nov 4, 2021, 7:19 p.m. EDT) – A Delaware bankruptcy judge ruled on Thursday that drugmaker Mallinckrodt could use Chapter 11 to evade royalty payments for the sale of its drug Acthar Gel as that confirmation hearing of the restructuring of the company. plan continued.

In a virtual hearing, US bankruptcy judge Martin Glenn concluded that the Bankruptcy Code allowed Mallinckrodt to reject one royalty deal and meet his payment obligations under another in his case of chapter 11.

Mallinckrodt and its affiliates filed for Chapter 11 a year ago, with a Restructuring Support Agreement to reduce $ 1 billion in debt from the $ 5.3 billion deal and to return liability for damages …

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