Del. Justices Probe Unclear Terms In AstraZeneca Merger Pact
By Leslie Pappas (October 13, 2021, 7:15 PM EDT) -- Investors in a company developing a cutting-edge cancer therapy that AstraZeneca PLC bought in 2013 but never brought to market struggled to convince Delaware's Supreme Court on Wednesday that they deserved milestone payments for the drug's aborted development.
During arguments appealing a November 2020 ruling from the Chancery Court, the justices zeroed in on disputed language in a merger agreement between AstraZeneca subsidiaries and Amplimmune Inc., pushing for clarification on the meaning of milestone triggers such as "study report" and "additional clinical development."
"What is the movement toward when we speak of 'additional clinical development?'" Justice Gary F. Traynor asked, referring...
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