Tesaro, Inc. v. Anaptysbio, Inc.

Court of Chancery of Delaware·Decided April 24, 2026·No. 2025-1357-KSJM·Published

Opinion

IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE

TESARO, INC., and ) TESARO DEVELOPMENT, ) LTD., )

)

Plaintiffs, )

)

v. ) C.A. No. 2025-1357-KSJM )

ANAPTYSBIO, INC., )

Defendant. )

MEMORANDUM OPINION

Date Submitted: March 4, 2026 Date Decided: April 24, 2026

David E. Ross, Eric D. Selden, ROSS ARONSTAM & MORITZ LLP, Wilmington, DE; Stephen J. Kastenberg, William B. Igoe, Elizabeth P. Weissert, Paul K. Ort, BALLARD SPAHR LLP, Philadelphia, PA; Paul Spagnoletti, Brett M. McMahon, Ryan W. Cooke, Marie Killmond, DAVIS POLK & WARDWELL LLP, New York, NY; Counsel for Plaintiffs Tesaro, Inc. and TESARO Development, Ltd.

Ryan D. Stottmann, Brian P. Egan, Alec F. Hoeschel, Andrew Schoen, MORRIS, NICHOLS, ARSHT & TUNNELL LLP, Wilmington, DE; Robert Counihan, Vanessa Park-Thompson, Nicholas Klenow, FENWICK & WEST LLP, New York, NY; Counsel for Defendant AnaptysBio, Inc.

McCORMICK, C.

The parties dispute their rights and obligations under a collaboration agreement. The collaboration agreement contains a dispute resolution provision. On October 7, 2025, the defendant sent notice to the plaintiffs teeing up the dispute as required by the dispute resolution provision. The parties then agreed to a standstill period to negotiate a resolution. Negotiations failed. On the day that the standstill period expired, the parties filed mirror-image claims under the collaboration agreement. The plaintiffs in this action also alleged that the defendant’s October 7 letter evidenced repudiation and asserted a claim of anticipatory breach.

The defendant has moved to dismiss the claim of anticipatory breach on two grounds. First, the defendant argues that the complaint fails to state a claim. Second, the defendant argues that the claim of anticipatory breach should be dismissed under Delaware’s recently amended anti-SLAPP statute. This decision grants the defendant’s motion to dismiss on the first ground—the plaintiffs failed to allege that the defendant conveyed repudiation with unequivocal, positive, and unconditional words or conduct, as required under Delaware law. This decision rejects the defendant’s argument under the anti-SLAPP statute. To have a claim struck under the anti-SLAPP statute, a movant must establish a nexus between the cause of action and the protected activity. Here, the defendant has not established the relevant nexus because the claim of anticipatory breach arises from the act of repudiation, not the October 7 letter allegedly evidencing the repudiation.

I. FACTUAL BACKGROUND The facts are drawn from the Complaint,1 the documents it incorporates by reference, and facts subject to judicial notice.2 AnaptysBio, Inc. owns proprietary technology to discover antibodies used to treat diseases. Tesaro, Inc. (together with its wholly owned subsidiary Tesaro Development, Ltd., “Tesaro”) develops and commercializes transformational medicines that improve, sustain, and extend the lives of cancer patients. Tesaro is a wholly owned subsidiary of GlaxoSmithKline LLC (together with its non-Tesaro affiliates, “GSK”). On March 10, 2014, AnaptysBio and Tesaro entered into a Collaboration and Exclusive License Agreement (the “Collaboration Agreement”).3 The parties made at least three amendments to the Collaboration Agreement.4 The Collaboration Agreement governs the parties’ rights and obligations to a cancer therapy called dostarlimab, which is marketed under the brand name Jemperli. In July 2025, Tesaro and GSK told AnaptysBio that they had designed and approved a Phase 3 clinical trial that would allow physicians to combine one of GSK’s antibody drug conjugates with either dostarlimab or Keytruda.5 Keytruda is a dostarlimab competitor. Because the clinical trial could enrich a dostarlimab

1 C.A. No. 2025-1357-KSJM, Docket (“Dkt.”) 1 (Compl.).

2 The court takes judicial notice of the stipulated status quo. Dkt. 6; see also In re Gen. Motors (Hughes) S’holder Litig., 897 A.2d 162, 169 (Del. 2006) (“The trial court may . . . take judicial notice of matters that are not subject to reasonable dispute.”). 3 Compl., Ex. 1 (Collaboration Agreement).

4 See Compl., Ex. 2 (Amendment No. 3). 5 Compl. ¶¶ 62–63. Keytruda is the brand name for pembrolizumab. Id. ¶ 2.

competitor or the drug it combines with, AnaptysBio viewed its launch as a breach of Tesaro’s duty to seek dostarlimab’s “optimum commercial return” under the Collaboration Agreement.6 Section 4.6(c) of the Collaboration Agreement contains a dispute resolution provision, requiring that in the event that the parties dispute whether Tesaro was in breach, the matter would be escalated to AnaptysBio’s and Tesaro’s senior management. If those officers could not resolve the dispute within 30 days of escalation, the parties could serve a notice of termination under Section 14.2 of the agreement or file a lawsuit.7 Consistent with that provision, AnaptysBio sent a letter to Tesaro and GSK on October 7, 2025. The letter states:

This letter provides notice of Tesaro’s material breaches under Section 4.6(c) of the Collaboration Agreement and initiates the 30-day dispute resolution process set forth therein. Tesaro has breached the Collaboration Agreement in at least three material ways. First, by knowingly participating in past, ongoing, and imminent prohibited clinical trials of [competitors]. Second, by failing to use commercially reasonable efforts to obtain the optimum commercial return for dostarlimab. And third, by concealing development activities related to dostarlimab from AnaptysBio. Tesaro’s conduct breaches at least Sections 3.2(b), 4.6(b), 5.3(b), 5.3(e), and 8.1.8

6 Compl. Ex. 4 (“October 7 Letter”) at 7–8. 7 Amendment No. 3 § 4.6(c). 8 October 7 Letter at 2 (emphasis in original).

AnaptysBio told Tesaro that it “expect[ed] the parties to work toward a resolution of [Tesaro’s] material breaches by November 6, 2025,” which tracks the Collaboration Agreement’s 30-day negotiation period.9 AnaptysBio further stated that “[i]f no resolution is reached within 30 days of this notice, AnaptysBio will provide Tesaro its notice of termination under Section 14.2 and exercise its reversion rights under Section 8.2.”10 Section 8.2 of the Collaboration Agreement governs the “reversion rights.” It provides that if Tesaro fails to seek the “optimum commercial return” for dostarlimab, all licenses and rights granted to Tesaro for dostarlimab IP terminate and Tesaro automatically grants AnaptysBio an irrevocable, non-exclusive, worldwide license to patents and know- how for producing and selling dostarlimab.11 Under Section 14.2, if a party sends a notice of termination asserting breach, the allegedly breaching party has 60 days to cure the breach.12 Tesaro responded on October 31, 2025 stating that if AnaptysBio pursued its claims and tried to enforce its rights, Tesaro would reduce royalty payments it owes AnaptysBio under the Collaboration Agreement and convert its licenses to AnaptysBio’s IP into perpetual ones:

Please be advised that TESARO will not tolerate AnaptysBio’s efforts to leverage its false claims into a windfall. While TESARO is willing to discuss these matters in good faith in accordance with the Collaboration

9 Id.; Amendment No. 3 § 4.6(c). 10 October 7 Letter at 2. 11 Collaboration Agreement §§ 8.1, 8.2, 14.4. 12 Id. § 14.2.

Agreement’s dispute-resolution provision, TESARO also reserves all rights under the Collaboration Agreement.

That includes TESARO’s explicit rights under Section 14.4(f) to convert its licenses into irrevocable, perpetual licenses and to reduce royalty and milestone payments by 50% as a result of AnaptysBio’s threat to wrongfully terminate the Collaboration Agreement and the licenses granted to TESARO.13

Tesaro concluded its letter with a document retention demand.

AnaptysBio replied on November 3, 2025:

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Tesaro, Inc. v. Anaptysbio, Inc., (Del. Ct. App. 2026).

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