Deal In Works For Troubled Biopharmaceutical Company

Law360, New York (June 9, 2006, 12:00 AM EDT) -- A Canadian court has approved the plan sponsorship agreement between a troubled biopharmaceutical company, Hemosol Corp., its receiver and a potential buyer.

The company’s receiver, PriceWaterhouseCoopers, announced the development, but did not say who might purchase the company.

However, a Toronto-based newspaper reports the possible purchaser is a company linked to Biovail Corp. chairman and owner of the National Hockey League team the Ottawa Senators, Eugene Melnyk.

The deal must be approved by creditors and the court.

“This is an important step in the restructuring process,...
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