Delaware Supreme Court justices heard arguments on Wednesday regarding a former Viela Bio Inc. shareholder’s claims against AstraZeneca Plc. The shareholder, Stephen Sciannella, alleges that AstraZeneca threatened to abandon Viela unless it was quickly acquired. Chief Justice Collins J. Seitz Jr. questioned the specifics of the threat during the 50-minute oral arguments.
According to attorney David Knotts, representing Sciannella, AstraZeneca threatened to sell its 26.7% block of Viela shares and terminate supporting agreements with the company. This action would have put pressure on the Viela board to proceed with an acquisition.
The justices had only three inquiries during the hearing, focusing on the nature of the alleged threat made by AstraZeneca. The outcome of this case could have significant implications for the biotech industry and how companies handle acquisition negotiations. The Delaware Supreme Court is expected to make a decision following the oral arguments.
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