Potter Anderson Helps Secure Appellate Victory for Gilead Sciences

Delaware’s Supreme Court affirmed a March 2017 Court of Chancery ruling which held that Gilead Sciences, Inc., one of the world’s largest biopharmaceutical companies, was not required to make a $50 million milestone payment to the former stockholders of Calistoga Pharmaceuticals, a company Gilead acquired in 2011.

At issue was whether the limited European Union approval received by Gilead for a blood cancer drug developed by Calistoga prior to its acquisition met the threshold of “disease level” approval required to trigger a milestone payment under the terms of the merger agreement governing the acquisition.

Serving as Delaware counsel to Gilead in collaboration with Irell & Manella, partner Brian Ralston led Potter Anderson’s representation with associate Aaron Sims. Ralston and Sims represented Gilead in both the appeal and the underlying case in the Court of Chancery.

News of the decision was reported by Law360.

About Potter Anderson

Potter Anderson & Corroon LLP is one of the largest and most highly regarded Delaware law firms, providing legal services to regional, national, and international clients. With more than 100 attorneys, the firm centers its practice on corporate and alternative entity law and litigation, commercial litigation, bankruptcy, intellectual property, labor and employment, and real estate.