Chancery Backs Trustee In Pharma Sale Despite 11th-Hour Bid

Law360 (April 27, 2020, 7:06 PM EDT) -- After branding a challenge to the court-supervised sale of drug developer Inspirion Delivery Sciences LLC as astounding and "incredibly naive," the Delaware chancellor Monday approved the sale, noting a court order gave a liquidating trustee broad latitude to complete the transaction.

In a 30-page memorandum opinion, Chancellor Andre G. Bouchard granted a motion by liquidating trustee Derek C. Abbott of Morris Nichols Arsht & Tunnell LLP and approved the sale of IDS to OHEMO Life Sciences Inc. despite a last-minute bid by two of the drug developer's principals to buy the company for what they asserted was a better offer....

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