AstraZeneca Wins Dismissal Of Shareholder Suit Over Viela Sale

AstraZeneca Plc escaped a lawsuit from shareholders over its $3 billion sale of biotech firm Viela Bio Inc., after a judge ruled on Tuesday that the complaint failed to show the pharmaceutical company was Viela’s controlling shareholder at the time.

AstraZeneca didn’t owe a fiduciary duty to Viela stockholders because it lacked control, and it didn’t materially mislead or omit facts in communications with shareholders, Delaware Chancery Court Vice Chancellor Paul A. Fioravanti, Jr. wrote in a 102-page opinion. Fioravanti dismissed the case with prejudice.

Shareholders challenged AstraZeneca’s 2021 sale of Viela to Horizon for $53 per share, when AstraZeneca ...