Shire Owes $45M Milestone After Life Science Acquisition
Law360 (October 13, 2020, 10:22 PM EDT) -- Pharmaceutical company Shire owes $45 million in a post-merger milestone payment to the shareholders of a life science company it acquired in 2012, the Delaware Chancery Court found on Tuesday.
Shire U.S. Holdings Inc. and Shire Pharmaceuticals LLC can't lean on an exception to the agreement that would have allowed it to escape making the milestone payment, Vice Chancellor Kathaleen McCormick ruled. The opinion allows the former shareholders of FerroKin BioSciences Inc. to receive the payment as well as interest and their legal costs.
The decision follows a four-day trial earlier this year.
The dispute centers around a merger deal struck...
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