$45M Drug Milestone Suit Against Shire Kept Alive In Del.
Law360 (May 11, 2018, 7:36 PM EDT) -- Irish pharmaceutical company Shire PLC lost a bid Friday to shut down a Delaware Chancery Court contract breach suit demanding an overdue $45 million drug development "milestone" payment, filed by the post-merger representatives of the drug's original owner.
In a ruling from the bench, Vice Chancellor J. Travis Laster refused to dismiss the case filed by Shareholder Representative Services LLC, which represents equity holders of FerroKin BioSciences Inc.
The vice chancellor said in part that it appeared that Shire "made up" regulator-approval deadlines that played a part in its defense of its refusal to pay the contracted amount.
"You in fact...
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