The Delaware Court of Chancery has awarded PharmAthene Inc. lump-sum damages based on the expected profits from a smallpox vaccine it developed with Siga Technologies Inc.
In 2011, the Chancery Court had granted PharmAthene half of the vaccine’s profits, but the Delaware Supreme Court reversed the trial court’s decision last year. The Supreme Court concluded Chancery Court Vice Chancellor Donald F. Parsons Jr. could not award damages based on the doctrine of promissory estoppel because a valid contract already existed between the two parties.
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