Bankruptcy allowed Mallinckrodt to end Acthar royalties, 3rd Circ. rules [Reuters]
Sanofi - American Depositary Shares (SNY)
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Source: Reuters
Circuit Court of Appeals ruled on Wednesday. Affirming a lower court decision, the 3rd Circuit found that Mallinckrodt's termination of royalty payments after it filed for bankruptcy in 2020 created, at best, a claim by Sanofi-Aventis for damages under the sales contract. Mallinckrodt acquired Acthar, a gel medication used to treat multiple sclerosis and infantile spasms, from Sanofi-Aventis in 2001, agreeing to make a one-time payment of $100,000 plus a 1% royalty on future sales of the drug. After Mallinckrodt ended royalty payments, Sanofi had argued that Mallinckrodt had no right to continue selling the drug without making further royalty payments. The three-judge panel that Sanofi-Aventis' claim, like other pre-petition debts, was eligible to be wiped out so that Mallinckrodt could exit bankruptcy with a "fresh start." "Bankruptcy frees debtors from lingering claims like this one," Judge Stephanos Bibas wrote. Mallinckrodt declined to comment, and Sanofi did not immedia
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