Citi, Tesaro Board, Backers Win $5.1 Billion Glaxo Deal Appeal

Tesaro Inc.'s ex-board, backers at New Enterprise Associates Inc., and financial advisers at Citigroup Inc. secured their win against litigation challenging the oncology company’s $5.1 billion sale to GlaxoSmithKline Plc, when Delaware’s top court rejected the investor lawsuit.

The state’s justices upheld a decision dismissing the case “on the basis of and for the reasons stated” by Vice Chancellor Morgan T. Zurn, who threw the case out of Delaware’s Chancery Court in August. The high court’s one-page April 8 ruling doesn’t contain any additional reasoning.

Zurn rejected claims by former Tesaro shareholders, who accused its former directors of rushing ...