Tesaro, Inc. v. Anaptysbio, Inc.

CourtCourt of Chancery of Delaware
DecidedApril 24, 2026
Docket2025-1357-KSJM
StatusPublished

This text of Tesaro, Inc. v. Anaptysbio, Inc. (Tesaro, Inc. v. Anaptysbio, Inc.) is published on Counsel Stack Legal Research, covering Court of Chancery of Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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

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.

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).

3 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.

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