Vancouver and Toronto advised Novelion Therapeutics in the dismissal of a petition filed by Whitefort Capital

Our Vancouver and Toronto offices successfully advised Novelion Therapeutics in the dismissal of a petition filed by Whitefort Capital against Novelion Therapeutics. Whitefort Capital claimed that Novelion breached section 301(1) of the Business Corporations Act of British Columbia (“s. 301(1) of the BCA”) in entering into a Restructuring Support Agreement (“RSA”) with, among others, Aegerion Pharmaceuticals, Inc. (“Aegerion”) on May 20, 2019 in connection with Aegerion’s Chapter 11 Plan of Reorganization in the United States Bankruptcy Court, Southern District of New York Case No. 19-11632 (the “Aegerion Bankruptcy Case”).

On July 16th 2019, the Supreme Court of British Columbia released its decision, dismissing Whitefort Capital’s allegations and stating that Novelion entering into the RSA is not a transaction contemplated by s. 301(1)” of the BCA.

Novelion, through its subsidiary Aegerion Pharmaceuticals, is a global biopharmaceutical company dedicated to developing and commercializing therapies that deliver new standards of care for people living with rare diseases. With a global footprint and an established commercial portfolio, including MYALEPT® (metreleptin) and JUXTAPID® (lomitapide).

The team included Andrea Brewer, Andrea Campbell, Evan Cobb, Kate Findlay, Karen Galpern, Janet Grove, Orestes Pasparakis and Kaitlin Smiley.