Fortis Loses 2nd Bid For $425M Post-Merger Drug Payout

Law360 (February 14, 2020, 4:58 PM EST) -- A group of Shire U.S. Holdings merger partner stockholders has lost a second bid for $425 million in post-merger drug development payments after the Delaware Chancery Court found that dismissal of an earlier suit for the same award blocked rights to demand additional information from Shire.

Vice Chancellor Joseph R. Slights III agreed with Shire in a dismissal order Thursday, finding that Fortis Advisors LLC's suit on behalf of former SARcode Bioscience Inc. stockholders was barred by res judicata, or the doctrine prohibiting relitigation of a claim between the same parties after a previous final judgment.

The vice chancellor dismissed Fortis' earlier...

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