Siga Seeks to Re-Argue PharmAthene Smallpox Case Ruling Print E-mail
By Phil Milford   
Thursday, 06 October 2011 08:29
FDA CalendarSiga Technologies (Nasdaq:SIGA) has asked a Delaware judge to reconsider his award of 50 percent of the profit from a smallpox drug to rival PharmAthene Inc. (AMEX:PIP).
Delaware Chancery Court Judge Donald Parsons Jr. ruled Sept. 22 that Siga must share a possible profit of more than $400 million. Siga shares fell as much as 38 percent that day, and dropped 3.8 percent today.
Siga, which is seeking permission to re-argue the award, said in a court filing yesterday that Parsons “misapprehended both the law and the facts” in awarding a share of ST-246’s profit to PharmAthene.

Parsons said New York-based Siga breached its obligation to negotiate in good faith on the antiviral drug designed for use in case of a biological attack. He rejected PharmAthene’s claim that Siga breached a binding license agreement and also denied claims for a lump-sum award.

“There is no legal justification for the court to speculate concerning the terms on which the parties might have agreed in the ultimate negotiation,” Andre Bouchard, a lawyer for New York-based Siga, said in his... (Read More from Bloomberg)

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