The Delaware Court of Chancery gave PharmAthene Inc. a "lottery ticket" when it awarded the drug manufacturer half of the profits from a smallpox vaccine it was developing with Siga Technologies Inc., an attorney for Siga told the Delaware Supreme Court during oral arguments January 10.
Siga was appealing the decision issued by Vice Chancellor Donald F. Parsons Jr. inPharmAthene v. Siga , a September 2011 decision. Parsons ruled that Siga, a New York vaccine manufacturer, breached its obligation to negotiate in good faith with PharmAthene when the parties were discussing an agreement to market ST-246, an antiviral drug for use in case of a biological attack, which was being developed by both companies. As a result, Parsons ordered Siga to share half of its profits with PharmAthene, of Annapolis, Md., once the product reached $40 million in shares.
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