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January 26, 2017
Cadwalader achieved a significant victory on behalf of the former directors of Salix Pharmaceuticals, Ltd. today when the Delaware Supreme Court rejected plaintiffs’ appeal of the Court of Chancery’s dismissal of plaintiffs’ complaint. In the complaint, plaintiffs had alleged claims for breach of fiduciary duties in connection with Salix’s acquisition by Valeant Pharmaceuticals International Inc. (NYSE: VRX) for $13.1 billion on April 1, 2015.
In a brief order issued one day after oral argument was held on January 25, 2017, a panel consisting of Chief Justice Leo E. Strine, Justice Collins J. Seitz and Justice Randy J. Holland held that “the judgment of the Court of Chancery should be affirmed for the reasons stated in its May 19, 2016 bench ruling.” A copy of the Supreme Court’s order can be found here.
The Cadwalader Litigation team included special counsel Jared Stanisci; the Cadwalader Corporate team, which represented Salix in the transaction, was led by senior counsel Chris Cox, partner Gregory Patti and associate Alexandra Cotter.