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PharmAthene gains on ruling in Siga suit

November 24, 2010 11:00 PM UTC

PharmAthene Inc. (NYSE-A:PIP) jumped $0.60 (19%) to $3.83 on Wednesday after the Delaware Court of Chancery denied a motion from Siga Technologies Inc. (NASDAQ:SIGA) for partial summary judgment in PharmAthene's breach-of-contract suit against Siga. PharmAthene claims it has the right to an exclusive license to Siga's ST-246 smallpox antiviral as a result of Siga's termination of a 2006 merger agreement between the two companies. A trial is set to begin Jan. 3. ST-246 is in Phase II testing. Siga was up $0.39 to $12.99 on Wednesday. ...