An attorney for Fresenius SE & Co. on Wednesday defended a landmark Chancery Court ruling that allowed the German health care firm to walk away from its $4.3 billion deal to buy generic drugmaker Akorn Inc. based on a material adverse change in Akorn’s business, saying the decision was well-rooted in evidence presented during an expedited trial.

Paul, Weiss, Rifkind, Wharton & Garrison partner Lewis R. Clayton told a five-judge panel of the Delaware Supreme Court that Akorn had “collapsed” under the weight of regulatory compliance issues after the two companies agreed to the $34-per-share buyout in early 2017.

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