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IN RE OREXIGEN THERAPEUTICS, INC.

No. 20-1136.

990 F.3d 748 (2021)

IN RE: OREXIGEN THERAPEUTICS, INC., Debtor. McKesson Corporation; RxC Acquisition Company, Appellants.

United States Court of Appeals, Third Circuit.

Filed: March 19, 2021.

Attorney(s) appearing for the Case

Jeffrey K. Garfinkle [ARGUED], Daniel H. Slate , BUCHALTER, 3131 Princeton Pike, 18400 Von Karman Avenue, Suite 800, Irvine, CA 92612-0514, Kurt F. Gwynne , Jason D. Angelo , REED SMITH LLP, 1201 North Market Street, Suite 1500, Wilmington, DE 19801, Counsel for Appellants.

Eric Winston , Bennett Murphy [ARGUED], Razmig Izakelian , QUINN EMANUEL URQUHART & SULLIVAN LLP, 865 S. Figueroa Street, 10th Floor, Los Angeles, CA, 90017, Christopher M. Samis , L. Katherine Good , POTTER ANDERSON & CORROON LLP, Christopher M. Samis , The Renaissance Centre 405 North King Street, Suite 500, Wilmington, DE 19801, Counsel for Appellees.

Before: JORDAN, KRAUSE, and RESTREPO, Circuit Judges.

OPINION OF THE COURT

This dispute turns on the meaning of the word "mutual" in the provision of the Bankruptcy Code that allows parties to invoke setoff rights when the debts they owe one another are mutual. See 11 U.S.C. § 553.

McKesson Corporation, Inc. ("McKesson") and Orexigen Therapeutics...

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