Astellas Headed to Trial in Deal Case Worth Up to $115 Million

Astellas Pharma Inc. lost its bid to avoid a potential $115 million trial over its acquisition of an oncology company, although former Potenza Therapeutics Inc. investors saw their legal claims winnowed to a single theory.

A judge let the case advance—narrowly—in Delaware’s Chancery Court, where the ex-shareholders have argued Astellas breached the sale agreement and its duty of fair dealing by dodging post-deal payments tied to clinical trial milestones. Although the contract claims were clearly submitted too late, it’s possible Astellas used misleading terminology to trick the former Potenza investors out of bringing their lawsuit before the filing window closed, ...