Parsons Allows PharmAthene to Introduce Vaccine Profit Data on Remand
PharmAthene Inc. can reopen the record to add new financial data in its long-running dispute with Siga Technologies Inc. over the profits of a smallpox vaccine the two companies had partnered to market, the Delaware Court of Chancery ruled today.
August 15, 2013 at 12:15 PM
2 minute read
PharmAthene Inc. can reopen the record to add new financial data in its long-running dispute with Siga Technologies Inc. over the profits of a smallpox vaccine the two companies had partnered to market, the Delaware Court of Chancery ruled today. The court's decision will likely push back its reconsideration of damages in the case until shortly before the end of the year.
The case had been remanded to the Chancery Court after the Delaware Supreme Court reversed a decision by Vice Chancellor Donald F. Parsons Jr. to award half of the drug's profits to PharmAthene over 10 years. Although the Supreme Court ruled that Parsons correctly determined that Siga breached its contract with PharmAthene, the high court also held that Parsons should not have awarded damages under the theory of promissory estoppel.
“For the purposes of the record, we will consider the motion by PharmAthene to reopen the record as granted, but of course I'm reserving judgment on whether any of this evidence is ultimately admissible or considered anyway,” Parsons said in a bench ruling in PharmAthene v. Siga.
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