Tesaro Directors Slam 'Innuendo' In Del. Suit Over $5.1B Sale

Law360 (May 11, 2021, 8:59 PM EDT) -- A class of Tesaro stockholders seeking damages for an allegedly underpriced $5.1 billion sale of the cancer drugmaker in 2018 came to Chancery Court with a suit "heavy on innuendo and speculation" but short of facts, an attorney for the company's board told a Delaware vice chancellor Tuesday.

Timothy R. Farrell of Ropes & Gray LLP, counsel for Tesaro Inc.'s directors and officers, told Vice Chancellor Morgan T. Zurn during a teleconferenced dismissal argument that GlaxoSmithKline acquired the company for 182% of its unaffected stock price in a deal approved by 83% of stockholders.

"The vast majority of Tesaro's disinterested stockholders...

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