Drug distributor McKesson Corp has lost a bid in a federal appeals court to wipe out its $6.9 million debt to bankrupt obesity drug maker Orexigen Therapeutics by offsetting it against $9.1 million Orexigen owed a McKesson subsidiary.
A unanimous panel of the 3rd U.S. Circuit Court of Appeals ruled Friday that the bankruptcy code only allows such offsets in cases of “strict bilateral mutuality” between two parties, even though McKesson’s contract with Orexigen allowed offsets against debts to affiliates.
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