Soon-Shiong, ImmunityBio Exit Challenge to Cancer Drug Financing

Biotech billionaire Dr. Patrick Soon-Shiong, ImmunityBio Inc., and its leaders have defeated a shareholder challenge to a financing arrangement amid pending regulatory approval for a novel bladder cancer drug, according to a Delaware Chancery Court ruling.

The lawsuit didn’t allege facts supporting a reasonable doubt that five of the board’s nine directors could assert what investor Douglas Carlson claimed, Vice Chancellor J. Travis Laster said in a Wednesday four-page order. Carlson alleged the board “rubber-stamped” transactions that allowed Soon-Shiong to secure a “windfall” after a temporary dip in the company’s stock prompted by doubts about the drug ...