SIGA hit with $194.65 million judgment in PharmAthene breach lawsuit

By Caroline Salls

Pittsburgh, Jan. 15 – A $194.65 million judgment was entered against SIGA Technologies, Inc. in a breach of contract lawsuit filed by PharmAthene, Inc., according to a PharmAthene news release.

The judgment amount granted by the Delaware Court of Chancery included $113.12 million in lump sum expectation damages for the value of PharmAthene’s lost profits for SIGA’s smallpox antiviral Tecovirimat and $81.53 million in pre-judgment interest and attorneys’ and expert witness fees.

In addition, PharmAthene said SIGA will be required to pay post-judgment interest of $30,663.89 per day, beginning Jan. 15.

PharmAthene said SIGA’s Chapter 11 bankruptcy proceedings automatically stay any enforcement action in the chancery court. PharmAthene’s ability to collect a money judgment from SIGA remains subject to further bankruptcy court proceedings, the release said.

The chancery court ruling is also subject to appeal by SIGA to the Delaware Supreme Court.

Based in New York, SIGA Technologies develops and commercializes solutions for serious unmet medical needs and biothreats. The company filed for bankruptcy on Sept. 16 under Chapter 11 case number 14-12623.

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