AstraZeneca Affiliates Duck $275M Merger Payment Suit

Law360 (November 20, 2020, 6:17 PM EST) -- Two AstraZeneca subsidiaries have escaped a $275M suit lodged by investors in newly acquired biopharmaceutical company Amplimmune, dodging claims that they owed stockholders milestone payments related to the development of two cancer-fighting therapies.

According to the 74-page opinion filed Wednesday in Delaware Chancery Court, Amplimmune investors failed to prove that AstraZeneca drug unit Zeneca Inc. and biopharmaceutical researcher MedImmune LLC had breached an earn-out provision in a merger agreement made when acquiring Amplimmune by failing to make two milestone payments on time while developing anti-cancer therapies.

In order for investors to receive milestone payments, the companies had to achieve "successful completion"...

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