Chancery Finds Fraud In Cancer Drug Firm's Spinoff Deal

Law360 (April 3, 2020, 8:25 PM EDT) -- California-based immunotherapy drug developer Harpoon Therapeutics must face damage claims from a Takeda Pharmaceutical subsidiary, after a Delaware vice chancellor's finding that Harpoon effectively misrepresented the scope of a cancer therapy research and investment opportunity.

Vice Chancellor Sam Glasscock III, in a 107-page deep dive into molecular and medical engineering and fiduciary missteps, found that Takada affiliate Millennium Pharmaceuticals Inc. was a victim of Harpoon's "carefully nurtured misunderstanding" about a Harpoon spinoff's scientific and trade secret rights.

The spinoff, Maverick Therapeutics Inc., took on some of Harpoon's findings and prospects for enhancing immune — or "T" — cells for treatment of...

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