November 15, 2018 / 1:12 AM / a month ago

McKesson cannot claw back funds owed to subsidiary in Orexigen bankruptcy - judge

Bankrupt obesity-drug maker Orexigen Therapeutics can keep $6.9 million it received from drug distributor McKesson Corp even though the former owes far more than that to a McKesson subsidiary, the judge overseeing the case ruled on Tuesday.

U.S. Bankruptcy Judge Kevin Gross said applying Orixigen’s accounts with San Francisco-based McKesson and its Phoenix-based subsidiary McKesson Patient Relationship Solutions against each other would amount to a “triangular setoff” barred by the bankruptcy code.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2FmchwH

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