Shareholder Representative Services LLC v. Shire US Holdings, Inc., C.A. No. 2017-0863-KSJM (Del. Ch. 2020)
Our firm, together with Keker, Van Nest & Peters LLP, is representing SRS as the Equityholders’ Representative for the former stockholders of FerroKin Biosciences, Inc. in a post-closing milestone dispute arising out of Shire’s acquisition of FerroKin BioSciences and, with it, the right to develop Ferrokin’s experimental iron chelation drug, deferitazole. Following a four-day trial on the merits, the Court of Chancery issued a post-trial decision on October 12, 2020 finding that Shire breached the parties’ merger agreement by failing to pay a $45 million milestone payment relating to deferitazole’s development. The Court awarded SRS the full amount of the milestone payment, plus its costs and reasonable attorneys' fees. A link to the Court of Chancery’s post-trial opinion is below.