Del. Justices Uphold $275M AstraZeneca Drug Trial Debt Toss

By Jeff Montgomery (October 21, 2021, 7:50 PM EDT) -- Delaware's Supreme Court on Thursday upheld without elaboration a Chancery Court finding that cleared AstraZeneca PLC of liability for $275 million in post-merger cancer drug development "milestone" payments to investors in biopharmaceutical company Amplimmune LLC.

The decision followed arguments before the court on Oct. 13, when the justices pressed for, among other points, clarification on contract language and terms used in connection with payment triggers, such as "additional clinical development" and whether that implied commercialization of a drug.

At stake was AstraZeneca's liability to Amplimmune's former stockholders for six milestone payments, totaling $275 million, to a trustee for the shareholders. The payments were...

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