Investors Say Shire Tried To Spin Free Of $45M Merger Tab

Law360 (March 2, 2020, 10:47 PM EST) -- Former shareholders of a Shire PLC merger partner told a Delaware vice chancellor Monday the company tried to put its own spin on contract terms in a $325 million merger agreement in an effort to avoid a $45 million post-merger "milestone" payment for an acquired drug prospect.

Laurie Carr Mims of Keker Van Nest & Peters LLP, counsel to Shareholder Representative Services LLC — representing past FerroKin BioSciences Inc. shareholders — told Vice Chancellor Kathaleen S. McCormick during post-trial arguments that Shire breached its contract when it missed a Dec. 31, 2015, deadline to begin a new drug trial phase for...

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