Shareholder Representative Services LLC v. Gilead Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation

Summary

The Supreme Court of Delaware affirmed the Court of Chancery's judgment that no milestone payment was due under the acquisition agreement. The court deferred to the Chancellor's supported finding that the contractual term "Hematologic Cancer Indication" was ambiguous and agreed that the relevant approval had to cover the disease as a whole rather than a small genetically defined subset of patients.