Represented Astellas Pharma in the Delaware Court of Chancery in a suit filed by a representative of former stockholders of a biotechnology company. The case stems from Astellas’ 2018 acquisition of the biotech company for roughly $164 million upfront, with an additional $240 million in potential milestone payments tied to the development of cancer therapies. The plaintiff alleged, among other things, that our client failed to pay approximately $115 million in milestone payments after certain drug trials allegedly advanced into Phase II (the “Milestone Claim”). The Court of Chancery resolved for summary judgment in favor of Astellas with respect to the Milestone Claim and rejected the plaintiff’s attempt to rely on industry practices or expert testimony, holding that the contract's definition was clear and unambiguous.
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