Floundering Graceway Wins OK For Asset Auction

Law360, New York (October 18, 2011, 2:59 PM EDT) -- A Delaware bankruptcy judge on Monday gave Graceway Pharmaceuticals LLC permission to sell nearly all of its assets, including intellectual property rights and vendor contracts, at auction next month.

U.S. Bankruptcy Judge Peter J. Walsh scheduled the auction for Nov. 17 and set a $275 million bid from Galderma Pharma SA as the stalking horse bid. Hammered by generics competition to its best-selling skin drug Aldara, Graceway filed for bankruptcy protection in September under the weight of more than $800 million in debt.

Annual sales of...
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