SIGA Technologies v. PharmAthene: When is a Non-Binding Term Sheet Actually Enforceable?

January 6th, 2014
Resources & Tools

SIGA Technologies v. PharmAthene: When is a non-binding term sheet actually enforceable?

By Patrick McKenzie, Esq.

The Delaware Supreme Court in May 2013 considered the issue of when term sheets — documents that outline material aspects of a negotiation — become binding, even when the document expressly states it is non-binding.

Facts:
In 2006, SIGA Technologies experienced financing problems with the development of an antiviral drug for the treatment of smallpox. In order to obtain funding, SIGA proposed an exclusive license to PharmAthene in return for an upfront payment of $6 million, an additional $10 million payment after certain sales milestones were reached, and annual

Read More




Top 10 Tips for Financial Forecasting

Financial forecaster and Practical Vision president Emmett Moore sits down with MMMTechLaw to offer the top 10 financial forecasting tips for companies.

 

For more information on Practical Vision, click here.

 

 

 

This video is presented for educational purposes and is not intended to constitute legal advice or endorsement. Opinions expressed are those of the author and not of Morris, Manning & Martin, LLP; see disclaimer here.

 

Read More