US court orders SIGA to pay PharmAthene lump sum expectation damages

11 August 2014

USA-based biodefense company PharmAthene (NYSE MKT: PIP) says that, on Friday, the Delaware Court of Chancery issued a Memorandum Opinion and awarded it lump sum expectation damages for the value of PharmAthene's lost profits for SIGA Technologies (Nasdaq: SIG) smallpox antiviral, Tecovirimat (formerly known as ST-246 and Arestvyr).

In addition, the Court ordered SIGA, a US biopharmaceutical company that focuses on antibiotics and vaccine, to pay prejudgment interest and varying percentages of PharmAthene's reasonable attorneys' and expert witness fees.

In 2011, PharmAthene said it had filed its legal brief in response to one-time merger partner SIGA Technologies' motion for reargument relating to profit sharing on a potential small pox drug, the sales of which could reach $400 million a year.

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