Graceway Cleared To Sell Assets To Medicis For $455M

Law360, Wilmington (November 22, 2011, 7:44 PM EST) -- A Delaware bankruptcy judge on Tuesday gave Graceway Pharmaceuticals LLC the green light to sell its assets to Medicis Pharmaceutical Corp. for $455 million — a 60 percent increase over the initial stalking horse bid.

U.S. Bankruptcy Judge Peter J. Walsh cleared the sale after overruling an objection from Metaphor Inc., an advertising firm that claimed Graceway could not include in the deal certain intellectual property the firm helped develop — such as logos and packaging for the company’s drugs.

Graceway attorney Josef Athanas of Latham...
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