IN RE CLOVIS ONCOLOGY, INC. DERIVATIVE LITIGATION

Consolidated C.A. No. 2017-0222-JRS.

IN RE CLOVIS ONCOLOGY, INC. DERIVATIVE LITIGATION.

Court of Chancery of Delaware.

Decided: October 1, 2019.


Attorney(s) appearing for the Case

Seth D. Rigrodsky, Esquire , Brian D. Long Esquire , and Gina M. Serra Esquire , of Rigrodsky & Long, P.A., Wilmington, Delaware; Nicholas I. Porritt, Esquire , Adam M. Apton Esquire , and Adam C. McCall Esquire , of Levi & Korsinsky, LLP, Washington, D.C.; Kip B. Shuman Esquire , of The Shuman Law Firm, San Francisco, California; and Rusty E. Glenn Esquire , of The Shuman Law Firm, Denver, Colorado, Attorneys for Plaintiffs Carl McKenry and Juzet Macalinao on behalf of Clovis Oncology, Inc.

Gregory P. Williams, Esquire , Blake Rohrbacher Esquire , and Robert L. Burns Esquire , of Richards Layton & Finger, P.A., Wilmington, Delaware, Attorneys for Defendants Brian G. Atwood, M. James Barrett, James C. Blair, Keith T. Flaherty, Ginger L. Graham, Paul H. Klingenstein, Edward J. McKinley and Thorlef Spickschen.

William M. Lafferty Esquire , and Ryan Stottmann Esquire , of Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware and Tariq Mundiya, Esquire , Todd G. Cosenza Esquire , and Charles Dean Cording Esquire , of Willkie Farr & Gallagher LLP, New York, New York, Attorneys for Defendants Patrick J. Mahaffy, Erle T. Mast and Nominal Defendant Clovis Oncology, Inc.


MEMORANDUM OPINION

Like many upstart biopharmaceutical companies, nominal defendant, Clovis Oncology, Inc. (or the "Company"), had one drug among its drugs under development, Rociletinib (or "Roci"), that was especially promising. Roci, a therapy for the treatment of lung cancer, performed well during the early...

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