In two significant recent opinions, the Delaware Chancery Court ruled against the buyers of life sciences companies, holding that they failed to apply commercially reasonable efforts to achieve earnout milestones. In Fortis Advisors LLC v. Johnson & Johnson, the court awarded nearly $1 billion in damages for breach of contract to the target company’s stockholders, while the court in Shareholder Representative Services LLC v. Alexion Pharmaceuticals, Inc. will announce its damages determination…
By: Mayer Brown
By: Mayer Brown
