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Siga appeals PharmAthene smallpox drug ruling

NEW YORK (AP) -- Siga Technologies Inc. said Tuesday that it is appealing a ruling that awarded about half the profits on its smallpox drug to PharmAthene Inc.

Siga said it filed an appeal to overturn the Delaware Chancery Court decision.

The court ruled May 31 that after Siga makes its first $40 million in net profits from the drug ST-246, PharmAthene will get 50 percent of the net profits from all sales over the next 10 years. Siga received a $433 million contract to supply the drug to the U.S. government in 2011. Siga agreed to buy PharmAthene but ended its proposal in 2006. PharmAthene filed a suit alleging Siga had breached a contract over profits from the drug.

Siga Technologies shares were unchanged at $2.56 Tuesday, and PharmAthene stock fell 5cents, or 3.2 percent, to $1.51.