Siga Liable Over PharmAthene Contract; Damages Set Aside
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Biological warfare defense firms Siga Technologies Inc. and PharmAthene Inc. may rise today after a court upheld Siga’s liability over a disputed smallpox-medicine licensing agreement while throwing out a potential multibillion-dollar damages ruling for PharmAthene.
The Delaware Supreme Court’s May 24 decision prompted Siga to rise as much as 41 percent after the close of regular trading to $5.15 before it was halted at $4.40 in Nasdaq trading. PharmAthene rose as much as 53 percent to $2.45 before falling back to $2.37.