Key Developments: SIGA Technologies Inc (SIGA.W)
10 Dec 2013
Latest Key Developments (Source: Significant Developments)
Delaware Supreme Court Reverses Award Of 'Equitable Payment Stream' By Court Of Chancery In May 31, 2012 Final Order And Judgment In PharmAthene, Inc. v. SIGA Technologies, Inc.
SIGA Technologies, Inc. reported that the Delaware Supreme Court reversed the award of an 'equitable payment stream' by the Court of Chancery in its May 31, 2012 Final Order and Judgment in PharmAthene, Inc. v. SIGA Technologies, Inc. and also remanded the case to the Court of Chancery for further proceedings to determine appropriate damages. Full Article
SIGA Technologies, Inc. announced that it has filed a Notice of Appeal seeking to overturn the Delaware Chancery Court's May 31, 2012 final order and judgment in the litigation that PharmAthene, Inc. commenced in December 2006. Full Article
SIGA Technologies, Inc. announced that the Delaware Chancery Court has entered its final judgment in the litigation that PharmAthene, Inc. commenced in December 2006. This action brings to a close the initial trial-level proceedings in the litigation. As previously disclosed, the Chancery Court issued its post-trial opinion in September 2011 granting judgment to PharmAthene on two of its eight claims and denying SIGA's counterclaim against PharmAthene. It further indicated that the remedy would be in the form of an "equitable payment stream," pursuant to which SIGA would pay to PharmAthene for ten years 50% of its net profits from sales or other dispositions of its smallpox drug, ST-246, after SIGA retained the first $40 million of net profits. The court also granted in part PharmAthene's request for attorneys' fees and expenses. The court asked the parties to agree if possible on a form of final judgment embodying these rulings and filling in the details, including the definition of 'net profits.' The parties were unable to agree and instead submitted competing forms of judgment and related briefings. The Chancery Court has now set the form of its final judgment, including a definition of 'net profits' that largely relies on U.S. generally accepted accounting principles. Full Article