Meso Scale Diagnostics, LLC v. Roche Diagnostics GmbH

OPINION

This action is before me on a motion for summary judgment relating to, among other things, license rights to sophisticated diagnostic and assay technology. In 2003, a foreign pharmaceutical and diagnostic holding company lost or was in danger of losing its exclusive license to that technology. The holding company sought to acquire a new license from the then-patent holder. In 2003, the holding company entered into a series of contemporaneously executed agreements that granted it a new non-exclusive license from the patent holder. The plaintiffs, two Delaware limited liability companies with disputed springing rights to the same patented technology, consented to the second nonexclusive license. As part of that transaction, the holding company acquired the patent holder, but not before the intellectual property assets were transferred to a separate company. In 2007, the holding company acquired that separate company through a reverse triangular merger.

In 2010, the plaintiffs filed the complaint in this action asserting that the foreign holding company and a number of their affiliates breached two agreements related to the 2003 transaction. In the first count, the plaintiffs claim that the 2007 reverse triangular merger was an assignment by operation of law that required their consent. The plaintiffs’ second count asserts that the defendants breached the new 2003 license by selling products and services based on the technology outside the licensed field of use.

The defendants have moved for summary judgment on multiple grounds. As a preliminary matter, the defendants contend that the first count is time-barred by the doctrine of laches. The defendants also seek summary judgment on the first count on the grounds that: (1) the anti-assignment clause in a global consent signed by the plaintiffs was intended to govern only the assignment of rights contained in that global consent and (2) a reverse triangular merger cannot be an *65assignment by operation of law. In seeking summary judgment on the second count, the defendants contend that the plaintiffs were not parties to the license agreement with the right to enforce the provisions of that agreement. In that regard, the defendants argue that the contract in question is unambiguous and that there is no triable issue of material fact relating to its meaning. Having considered the parties’ extensive briefing and arguments and the voluminous record before me at this stage, I grant summary judgment on the first count on the basis that the reverse triangular merger was not an assignment by operation of law or otherwise, such that it would have required the plaintiffs’ consent. I deny, however, the defendants’ motion for summary judgment on the second count because the license agreement is ambiguous, the defendants failed to prove that New York law conclusively bars the plaintiffs’ claim, and the plaintiffs have raised triable issues of material fact.

I. BACKGROUND

A. The Parties

Plaintiffs Meso Scale Diagnostics, LLC (“MSD”) and Meso Scale Technologies, LLC (“MST” and, collectively, “Plaintiffs” or “Meso”) are Delaware limited liability companies. MST was founded by Jacob Wohlstadter to commercialize his invention of a new application of eleetrochemilumi-nescent (“ECL”) technology. In 1995, MST and IGEN International, Inc. (“IGEN”) formed MSD as a joint venture.1 The joint venture was created to research and develop the use of various technologies in diagnostic procedures, including procedures utilizing ECL technology.2 Jacob Wohlstadter is the President and Chief Executive Officer (“CEO”) of MSD and MST.

The defendants in this case are all affiliates or subsidiaries of the F. Hoffmann-La Roche, Ltd. family of pharmaceutical and diagnostics companies. Roche Holding Ltd. (“Roche Holding”) is a publicly traded joint stock company organized under the laws of Switzerland.3 Roche Diagnostics GmbH is a limited liability company organized under the laws of Germany and a wholly owned subsidiary of Roche Holding.4 Defendant Roche Diagnostics Corp., which is incorporated in Indiana, is also a wholly owned subsidiary of Roche Holding.5 IGEN is a Delaware corporation that was acquired by Roche Holding in 2008 and remains a wholly owned subsidiary of Roche Holding.6 IGEN LS, LLC (“IGEN LS”) is a Delaware limited liability company and wholly owned subsidiary of IGEN.7 BioVeris Corp. (“BioVeris”) is a Delaware corporation and wholly owned subsidiary of Roche Holding.8 BioVeris owns and licenses a portfolio of patents based on and related to ECL technology.9 Lili Acquisition Corp. (“Lili Acquisition”) was a subsidiary of Roche Holding that was merged into BioVeris on June 26, 2007 *66and no longer exists.10 The following diagram depicts the relationships of the defendants (collectively “Defendants” or “Roche”):

[[Image here]]

B. Facts11

1. The 1992 License

In 1992, IGEN granted Boehring Mannheim GmbH (“BMG”), a company acquired by Roche in 1998, a license (the “1992 License”) to use its patented ECL technology.12 The 1992 License was narrow in scope and only allowed BMG to use the licensed technology in hospitals, blood banks, and clinical reference laboratories.13 The license explicitly excluded use of the technology in the proximity of a patient, such as home, patient bedside, ambulance, and physician office uses.14

2. The MSD License

MSD was formed in 1995 as a joint venture between IGEN and MST, and was intended to be the exclusive vehicle for developing and commercializing the use of various technologies in diagnostic procedures, including procedures utilizing ECL technology.15 IGEN also “granted to MSD an exclusive, worldwide, royalty-free license [ie., the “MSD License”] to practice the IGEN Technology to make, use and sell products or processes (A) developed in the course of the Research Program, or (B) utilizing or related to the Research Technologies.”16 Those technologies included “selection and screening methods,” “electrodes,” and “multi-array diagnostic[s].” 17 The MSD License has a perpetual term and provides that it will survive a termination of the MSD joint venture for any reason.18 The MSD License also contains a now-disputed springing right under which, if an exclusive license previously granted to a third party, such as the exclusive rights granted to Roche under the 1992 License, was termi*67nated or IGEN was no longer restricted by such a license from licensing to MSD, the technology automatically would be licensed to MSD.19 Finally, IGEN agreed, as part of the MSD joint venture agreement (the “Joint Venture Agreement”) and for the term of that agreement, that it would not use or allow its technology to be used to compete with MSD with respect to the Research Program.20

3. The Fourth Circuit litigation

In 1997, IGEN brought suit against Roche for breach of contract for, among other things, failing to pay royalties, failing to share ECL improvements with IGEN, and selling ECL-based products outside the contractually limited field.21 While the suit was ongoing, Roche allegedly sought to settle with IGEN by acquiring ownership or access to the ECL rights.22 In 2001, Roche made a public tender offer to acquire IGEN for $1.5 billion23 After conducting due diligence, however, Roche became concerned that acquiring IGEN “would not achieve the stated objectives of unencumbered ownership, avoidance of future litigation and discontinuation of business relationships with business entities controlled by the Wohlstadter family.”24 Roche ultimately informed IGEN that it could not pursue an acquisition at that time.25 During later settlement negotiations in 2002, Roche sought to have MSD and MST “consent to and join in the license granted to Roche as necessary to [ejnsure Roche’s non-exclusive use of the ECL Technology in Roche’s Field.”26

While negotiations were still ongoing, the jury returned a special verdict in IGEN’s favor finding that Roche had materially breached the 1992 Agreement and awarding compensatory and punitive damages against it.27 As a result, the United States District Court for the District of Maryland then allowed IGEN to terminate the 1992 License; the United States Court of Appeals for the Fourth Circuit affirmed that decision on July 9, 2003.28 That same day, IGEN sent Roche a notice purporting to terminate the 1992 License.29 As a result of the termination of the 1992 License and MSD’s springing rights in the MSD License, those rights, according to MSD, were automatically and exclusively licensed to MSD.30 In other words, Plaintiffs appear to contend that the ECL rights IGEN previously had licensed to *68Roche were now exclusively licensed to MSD.31

4. The 2003 Transaction

Roche had expressed concern over the possible termination of the 1992 License in its 10-K for the fiscal year ended March 31, 2003, stating that in the event the 1992 License was terminated, its business would be materially adversely affected.32 Not surprisingly, therefore, just two weeks after the appellate ruling, Roche sought to reacquire ECL licensing rights so as to preserve its immunoassay business, which relied on ECL technology. Ultimately, Roche agreed to purchase IGEN for $1.25 billion and, along with IGEN, MSD, and MST, entered into a transaction (the “2003 Transaction”), which was memorialized in a number of contemporaneous agreements (the “Transaction Agreements.”).33

As part of the 2003 Transaction, IGEN provided a license (the “Roche License” or “License”) to IGEN LS, a newly formed and wholly owned subsidiary of IGEN.34

[[Image here]]

Under the Restructuring Agreement, IGEN’s operating business and intellectual property rights (including IGEN’s ECL intellectual property) were spun off to IGEN Integrated Healthcare, LLC, ie. “Newco,” which eventually became BioV-eris.35 IGEN LS retained its rights as a licensee under the Roche License.

*69[[Image here]]

Under the Merger Agreement, 66 Acquisi- owned subsidiary of Roche Holding, then tion Corporation II (“Sub”), a wholly was merged with and into IGEN.36

[[Image here]]

Finally, Newco changed its name to BioV-eris Corporation and became a publicly held and publicly traded company.37 As a result of the 2003 Transaction, which was signed on July 24, 2008, Bio Veris obtained IGEN’s intellectual property rights and Roche obtained a limited-field license indirectly through IGEN LS.

*70[[Image here]]

The details of the relevant Transaction Agreements are summarized below.

a. The Roche License

Under the Roche License, IGEN granted IGEN LS “only for use in the Field, an irrevocable, perpetual, Non-Exclusive, worldwide, fully-paid, royalty-free right and license under the Licensed ECL Technology, to develop, ... use, ... sell, ... and otherwise commercially exploit Products.”38 “Products” is defined as “ECL instruments, service for ECL instruments and spare parts; and ECL Assays.”39 The Roche License defines “Field” as “the analyzing of specimens taken from a human body, including without limitation, blood, bodily fluid or tissue, for the purpose of testing, with respect to that human being, for a physiological or pathological state, a congenital abnormality, safety and compatibility of a treatment or to monitor therapeutic measures.”40 The Field explicitly excluded

analyzing for (A) life science research and/or development, including at any pharmaceutical company or biotechnology company, (B) patient self testing use; (C) drug discovery and/or drug development ... including clinical research or determinations in or for clinical trials or in the regulatory approval process for a drug or therapy, or (D) veterinary, food, water, or environmental testing or use.41

The Roche License was “non-exclusive” and ultimately permitted BioVeris to “exercise the licensed rights itself in the licensee’s field or grant non-exclusive licenses in the licensee’s field to a third party, or retain for itself any non-exclusive license rights.”42

Section 2.5 of the Roche License provided an enforcement mechanism to ensure that Roche did not conduct out-of-field sales. Section 2.5(a) contemplated the appointment of a neutral third party to monitor Roche’s compliance by examining such records as necessary. Section 2.5(b) also *71provided that if out-of-field sales occurred, Roche could continue to sell until BioVeris notified Roche it was prohibited, and BioV-eris’s exclusive remedy would be that Roche would have to pay to it 65% of all revenues earned from out-of-field sales. The Roche License also stated that if the parties to the agreement were unable to resolve a dispute through good faith negotiation, any dispute arising out of or relating to the agreement would be resolved solely by arbitration.43

The Roche License designates IGEN and IGEN LS as the “Parties” to the agreement.44 BioVeris later succeeded to IGEN’s rights and obligations. Moreover, the agreement expressly provided that, except for limited circumstances, “nothing [in the Roche License] is intended to confer upon any person other than the Parties hereto and their respective successors and permitted assigns, any benefit, right or remedy under or by reason of [the Roche License].”45

The signature pages of the Roche License, however, were followed by a document entitled “CONSENT BY MESO SCALE DIAGNOSTICS, LLC AND MESO SCALE TECHNOLOGIES, LLC” (the “Meso Consent”).46 The Meso Consent states that MSD and MST

consent to the [Roche License] ... and ... consent to and join in the licenses granted to [Roche] in the [Roche License] .... Furthermore, MSD and MST ... represent and warrant to [Roche] that each of them ... waive any right that either of them may have to in any way restrict or limit [Roche’s] exercise of the licenses granted in the [Roche License] during the Term thereof.47

The Meso Consent was signed by MSD and MST.48

b. The Global Consent

Jacob Wohlstadter participated in the negotiations between IGEN and Roche regarding the 2003 Transaction, although the parties dispute his role.49 Defendants contend that Wohlstadter extracted $37.5 million for MSD’s consent to the transfer of IGEN’s interest in MSD to BioVeris.50 On the other hand, Plaintiffs contend that “Roche made clear that it would not pay for a license or make a $1.4 billion payment unless Meso agreed to both consent to and join in” the Roche License.51

In addition to the Meso Consent, MSD and MST also signed the Global Consent. The latter document contained an important provision preventing the assignment of rights of Newco (ultimately, BioVeris) without the prior written consent of the other parties.52 Specifically, Section 5.08 stated:

Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in *72whole or in part, by operation of law or otherwise by any of the parties without the prior written consent of the other parties; provided, however, that the parties acknowledge and agree that the conversion of Newco in accordance with Section 2.01 of the Restructuring Agreement and the continuation of Newco as a result thereof shall be deemed not to be an assignment and shall not require any consent of any party. Any purported assignment without such consent shall be void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and assigns.53

Importantly, the Global Consent stated that the Agreement was among Roche Holding, IGEN, IGEN Integrated Healthcare, LLC, MSD, MST, Jacob Wohlstad-ter, and JW Consulting Services, L.L.C. In another section of the Global Consent, MSD, MST, Jacob Wohlstadter, and JW Consulting Services, L.L.C. acknowledged receipt of the twelve Transaction Agreements, consented to the consummation of the transactions, and granted all waivers and consents necessary to permit the consummation of the transactions and the performance by the parties of their obligations under the Transaction Agreements.54

In Section 3.02 of the Global Consent, MSD and MST acknowledged and consented to the MSD Transfer, whereby “all of [IGENj’s rights under and in respect of the MSD Agreements shall be assigned to, and all of the Company’s liabilities under and in respect of the MSD Agreements will be assumed by[ ] Newco.”55 Notably, the MSD Agreements included both the Joint Venture Agreement and the MSD License. Meso also consented to and accepted “the assumption by Newco of all rights, obligations, duties and Liabilities (express and implied) of [IGEN] under the MSD Agreements.”56 Finally, MSD and MST acknowledged and consented that, as a result of the transfer, Newco would own “all right, title and interest in and to any and all intellectual property and other proprietary and confidential information or materials owned by [IGEN] ... to which MSD [or] MST ... has any direct or indirect rights or benefits ... pursuant to the MSD Agreements.”57

c. The Post-Closing Covenants Agreement

One of the Transaction Agreements, the Post-Closing Covenants Agreement, contained a provision that prevented Roche for four years from making a proposal to acquire or from acquiring any securities or assets of Newco (ie., BioVeris), although Newco independently could waive or amend that restriction.58

5. Roche’s acquisition of BioVeris

After the 2003 Transaction was completed, BioVeris alleged that Roche was selling ECL-based products outside of the Field. Roche asserted that the out-of-field sales were minimal and estimated that it owed a $1.5 million fee to BioVeris under the 65% royalty provided for in Section 2.5(b) of the Roche License.59 BioVeris, however, estimated that the fee due from Roche for out-of-field sales could exceed $30 million an*73nually.60 The parties therefore engaged Ernst & Young LLP (“Ernst & Young”) as a neutral “field monitor” to calculate out-of-field sales.61

According to Roche, Samuel Wohlstad-ter, the CEO of BioVeris, “repeatedly” proposed to Roche that it buy BioVeris to resolve the dispute over out-of-field sales.62 Consistent with that suggestion, on July 20, 2006, Samuel Wohlstadter waived the four-year restriction in the Post-Closing Covenants Agreement and permitted Roche to discuss a consensual transaction with BioVeris.63

As an independent business, BioVeris was not very profitable. For example, in 2006, BioVeris had only $20.6 million in revenues and incurred a net loss of $27.9 million.64 Nevertheless, in March 2007, Roche offered to pay approximately $600 million in cash for BioVeris, a 58% premium over its pre-announcement market capitalization of approximately $370 million.65

The record shows that Roche’s sole objective was to acquire BioVeris’s intellectual property rights.66 Roche internally had valued those intellectual property rights at 1.695 billion Swiss francs, or approximately $1.4 billion.67 Roche also touted the fact that “[b]y acquiring BioVeris, Roche [would] own the complete patent estate of the [ECL] technology deployed in [Roche’s] Elecsys product line which gives Roche Diagnostics the opportunity to fully exploit the entire immunochemistry market.” 68

The acquisition of BioVeris (the “BioV-eris Merger”) was structured as a reverse triangular merger.69 Lili Acquisition was formed as an “acquisition subsidiary” of Roche and merged into BioVeris on June 26, 2007, with BioVeris as the surviving corporation.70 As a result of the merger, “all the properties, right, privileges, powers and franchises of [BioVeris] and [Lili Acquisition] [vested] in [BioVeris], and all claims, obligations, debts, liabilities and duties of [BioVeris] and [Lili Acquisition] [became] the claims, obligations, debts, liabilities and duties of [BioVeris].”71

In September 2007, BioVeris notified its customers that it was discontinuing certain product lines and that they would need to develop a plan to transition to another supplier or alternate technology.72 In September and October 2007, Roche closed down BioVeris’s research and development plant and delivered exit dates to each em*74ployee of BioVeris.73 At all times after the BioVeris Merger, however, BioVeris continued to hold the intellectual property relevant to this dispute.74

C. Procedural History

On June 22, 2010, Meso commenced this action by filing a complaint (the “Complaint”) against Roche charging it with breach of contract as to (1) the Global Consent (Count I) and (2) the Roche License (Count II). Roche promptly moved to dismiss the claims against it for failure to state a claim. For its part, Meso sought to submit Count II to arbitration and to stay further proceedings on that count pending the arbitration panel’s decision.

In a Memorandum Opinion dated April 8, 2011,75 I denied Roche’s motion to dismiss and referred the question of whether Count II was arbitrable to a New York arbitration panel (the “Arbitration Panel” or “Panel”). In April and May 2012, the Arbitration Panel heard testimony from eight witnesses over four days. On September 10, the Arbitration Panel concluded that Meso’s claim for breach of the Roche License was not arbitrable and that each party should bear its own costs and expenses.

On September 2, 2012, Roche moved for summary judgment in this Court on both counts of the Complaint. After extensive briefing, I heard argument on November 5, 2012. At the argument, I confirmed the Panel’s final award and lifted the stay as to Count II. A trial on the merits of both counts is scheduled to begin on February 25, 2013. This Opinion constitutes my ruling on Roche’s motion for summary judgment.

D. Parties’ Contentions

Roche seeks summary judgment on several independent grounds. First, Roche avers that Count I is barred by the doctrine of laches because it was filed outside the analogous three-year statute of limitations period. Roche also seeks summary judgment on Count I on the bases that: (1) the Global Consent was not intended to govern the assignment of rights contained in the Roche License; and (2), as a matter of law, a reverse triangular merger cannot be an assignment by operation of law. In support of summary judgment on Count II, Roche argues that this Court is bound by the Arbitration Panel’s finding that MSD and MST were not, and were not intended to be, parties to the Roche License. Moreover, Roche contends that the plain language of the Roche License and the Meso Consent unambiguously indicate that MSD and MST were not parties to the Roche License, and, therefore, have no standing to sue for breach of it. Finally, Roche argues that the extrinsic evidence conclusively shows that MSD and MST were not intended to be parties with the right to enforce the Roche License.

Meso disputes all of Roche’s contentions and urges denial of Defendants’ motion for summary judgment in its entirety. As a threshold matter, Meso contends that Count I accrued within the analogous three-year limitations period, and that, therefore, it is not barred by laches. Roche also argues that summary judgment on Count I is unwarranted because both the plain language of the Global Consent and the extrinsic evidence show that the parties intended the Global Consent to cover IGEN’s intellectual property. In re*75gard to Count II, Meso denies that this Court is bound by the Arbitration Panel’s determination. Finally, Meso asserts that the Roche License is ambiguous and that there are triable issues of material fact as to whether MSD and MST were parties to the Roche License or had rights to enforce it.

II. ANALYSIS

“Summary judgment is granted if the pleadings, depositions, answers to interrogatories and admissions on file, together with the affidavits, show that there is no genuine issue as to any material fact and that the moving party is entitled to a judgment as a matter of law.”76 In deciding a motion for summary judgment, the evidence and the inferences drawn from the evidence are to be viewed in the light most favorable to the nonmoving party and the moving party has the burden of demonstrating that no material question of fact exists.77 The party opposing summary judgment, however, may not rest upon the mere allegations or denials contained in its pleadings, but must offer, by affidavit or other admissible evidence, specific facts showing that there is a genuine issue for trial.78

In addition, summary judgment may be denied when the legal question presented needs to be assessed in the “more highly textured factual setting of a trial”79 or when the Court “decides that a more thorough development of the record would clarify the law or its application.”80

When an issue presented for summary judgment is one of contractual interpretation, “the role of a court is to effectuate the parties’ intent,”81 taking the contract as a whole and “giving effect to each and every term.”82 If the language of the agreement is “clear and unambiguous,” the reviewing court finds the parties’ intent in the ordinary and usual meaning of the words they have chosen.83 If, however, “the provisions in controversy are fairly susceptible of different interpretations or may have two or more different meanings, there is ambiguity. Then the interpreting court must look beyond the language of the contract to ascertain the parties’ inten*76tions”84 from extrinsic evidence, such as “overt statements and acts of the parties, the business context, prior dealings between the parties, and business custom and usage in the industry.”85 Determining intent from extrinsic evidence “may be accomplished by the summary judgment procedure in certain cases where the moving party’s record is not prima facie rebutted so as to create issues of material fact.”86 Generally, on a motion for summary judgment, the moving party must show there is no genuine issue of material fact, and “summary judgment may not be awarded if the [disputed contract] language is ambiguous and the moving party has failed to offer uncontested evidence as to the proper interpretation.”87

A. Count I: Breach of Section 5.08 of the Global License

In Count I, Meso alleges that Roche breached Section 5.08 of the Global Consent by effecting an assignment of BioVer-is’s rights and obligations by operation of law or otherwise without the written consent of MSD and MST. Section 5.08 states in pertinent part:

Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of law or otherwise by any of the parties without the prior written consent of the other parties; provided, however, that the parties acknowledge and agree that the conversion of [BioVeris] in accordance with Section 2.01 of the Restructuring Agreement and the continuation of [BioVeris] as a result thereof shall be deemed not to be an assignment and shall not require any consent of any party....88

Defendants seek summary judgment in their favor on three grounds: (1) Count I is barred by the doctrine of laches; (2) BioVeris’s rights, interests, or obligations relating to its intellectual property are not subject to Section 5.08; and (3) Roche’s acquisition of BioVeris through a reverse triangular merger was not an assignment by operation of law. I address each of these points in turn.

1. Is Count I barred by the doctrine of laches?

Roche asserts that Count I is time-barred by Delaware’s applicable three-year period of limitations. “[I]n a court of equity, the applicable defense for untimely commencement of an action for an equitable claim is laches, rather than the statute of limitations.”89 Laches “operates to prevent the enforcement of a claim in equity if the plaintiff delayed unreasonably in asserting the claim, thereby causing the defendants to change their position to their detriment.”90 This doc*77trine “is rooted in the maxim that equity aids the vigilant, not those who slumber on their rights.”91 There are three generally accepted elements to the equitable defense of laches: “(1) plaintiffs knowledge that she has a basis for legal action; (2) plaintiffs unreasonable delay in bringing a lawsuit; and (3) identifiable prejudice suffered by the defendant as a result of the plaintiffs unreasonable delay.” 92

The Court of Chancery generally begins its laches analysis by applying the analogous legal statute of limitations.93 The time fixed by the statute of limitations is deemed to create a presumptive time period for purposes of the Court’s application of laches absent circumstances that would make the imposition of the statutory time bar unjust.94 In this case, the analogous statute of limitations for a claim of breach of contract is three years “from the accruing of the cause of such action.”95

Under Count I, Meso alleges that Roche violated Section 5.08 of the Global Consent by assigning BioVeris’s rights and obligations without the written consent of Meso.96 In that regard, Defendants contend that Plaintiffs’ cause of action accrued on April 4, 2007, when Roche Holding, Lili Acquisition, and BioVeris entered into a binding Agreement and Plan of Merger (the “BioVeris-Lili Merger Agreement”). Yet, Meso did not file their Complaint until June 22, 2010 — over three years after April 4, 2007. Thus, according to Roche, Meso’s claim is barred by laches. Meso disputes that conclusion, arguing that the cause of action did not accrue until all contingencies in the BioVeris-Lili Merger Agreement had been fulfilled, i.e., on June 26, 2007, the date the merger closed.

“[A] cause of action ‘accrues’ under Section 8106 at the time of the wrongful act, even if the plaintiff is ignorant of that cause of action.”97 “The ‘wrongful act’ is a general concept that varies depending on the nature of the claim at issue. For breach of contract claims, the wrongful act is the breach, and the cause of action accrues at the time of breach.”98 Breach is defined as a “[f]ailure, without legal excuse, to perform any promise which forms the whole or part of a contract.”99 To determine the accrual date, therefore, courts must examine the language of the contract.

Here, Section 5.08 of the Global Consent provides that “[njeither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by opera*78tion of law or otherwise by any of the parties without the prior written consent of the other parties.”100 Because the BioVeris Merger did not close until June 26, 2007, the alleged assignment that forms the basis for the claimed breach did not occur until that date.101 As a result, Roche’s laches theory must rely on the Bio Veris-Lili Merger Agreement entered into on April 4, 2007 amounting to an anticipatory breach or repudiation of the Global Consent.

“[Repudiation is ... a voluntary affirmative act which renders the obligor unable or apparently unable to perform without such a breach.”102 Viewed in this light, Roche arguably effected a repudiation of the Global Consent on April 4, 2007, when it entered into a binding merger agreement obligating its board of directors to recommend to its stockholders approval and adoption of that agreement.

However, “[t]he time of accrual ... depends on whether the injured party chooses to treat the ... repudiation as a present breach.”103 If the party “[ejlects to place the repudiator in breach before the performance date, the accrual date of the cause of action is accelerated from [the] time of performance to the date of *79such election.”104 If, however, the injured party instead opts to await performance, the “cause of action accrues, and the statute of limitations commences to run, from the time fixed for performance rather than from the earlier date of repudiation.”105 The rationale behind this rule is that the “failure to regard repudiation as final is advantageous to the wrongdoer, since he is thus given an enlarged opportunity of nullifying the effect of the repudiation ... and therefore should not work prejudice to the injured party in the calculation of the period of the Statute of Limitations.”106

In this case, Roche could have nullified the effect of its repudiation by obtaining Meso’s consent before the June 26, 2007 closing date when the alleged assignment by operation of law took place. But, Meso should not be prejudiced by the fact that Roche had an opportunity to nullify the effect of their repudiation. Moreover, under the record currently before me, I cannot find as a matter of undisputed fact that Meso objectively manifested an intent to treat the repudiation as a breach. Thus, for purposes of summary judgment, I assume that the cause of action did not accrue until June 26, 2007.

Using June 26, 2007 as the accrual date, Meso asserted its claims within the three-year limitations period. The “analogous statute of limitations provides a presumption of what is reasonable.”107 Although Roche alleges that summary judgment should be granted based on laches because Meso’s delay was unreasonable and prejudicial, Delaware courts presume, in the absence of exceptional circumstances, that an action filed within the analogous limitations period was neither the product of unreasonable delay nor the cause of undue prejudice.108 “Whether or not [the elements of laches] exist is generally determined by a fact-based inquiry, and therefore summary judgment is rarely granted on a laches defense.”109 Based on the truncated record available at this point, therefore, I deny Roche’s motion for summary judgment to the effect that Count I is barred by laches.

2. Are rights, interests, or obligations relating to BioVeris’s intellectual property subject to Section 5.08 of the Global Consent?

a. Does the plain language of the Global Consent make clear that Section 5.08 is limited to the assignment of rights, interests, or obligations created by the Global Consent itself?

Roche argues that the plain language of the Global Consent indicates that Section 5.08 covers only “rights, interests or obli*80gations” created by the Global Consent itself. Meso, on the other hand, avers that Section 5.08 was intended to cover the rights and interests in IGEN’s intellectual property.

Roche advances three arguments in support of its interpretation of Section 5.08. First, Roche argues that the term “Agreement” is defined as “the Global Consent and Agreement,” and, therefore, the requirement in Section 5.08 for consent in order to assign rights, interests, or obligations “under this Agreement” means under the Global Consent itself. Roche also points out that the eleven other Transaction Agreements use the term “this Agreement” to refer to the rights created by each specific agreement. Second, Defendants contend that if Section 5.08 had been intended to govern the assignments of rights created under the other Transaction Agreements, it would have been unnecessary to include the non-assignment provisions contained in those other agreements. Finally, Defendants argue that it would be unreasonable to construe the use of “boilerplate” anti-assignment language to have created the broad blocking rights Meso now claims.

In opposition, Meso contends that “under this Agreement” has a broad meaning that would incorporate rights, interests, or obligations “within the grouping or designation of’ the Global Consent. According to Meso, the proviso, which carves out the transfer of rights from the private LLC BioVeris to the public corporation BioVer-is, shows that Roche’s narrow construction of Section 5.08 is unreasonable because the rights transferred during the conversion were not created by the Global Consent itself. Meso also argues that the Global Consent was intended to be “global” in scope. Finally, Meso asserts that Roche’s disparagement of Section 5.08 as “boilerplate” is irrelevant because boilerplate terms are both valid and enforceable.

Taking the contract as a whole, and giving effect to each and every term, the overall structure of the Global Consent amply supports construing the “rights, interests or obligations” referenced in Section 5.08 as encompassing the rights and interests in IGEN’s intellectual property. While Roche argues that “rights, interests or obligations” refer to “rights, interests or obligations” created by the Global Consent itself,110 Roche has not identified persuasively what those rights, interests, or obligations might be. At the motion to dismiss stage, however, Roche argued that “[t]he ‘right’ created under [Section 8.02(b) of the Global Consent] was the right to transfer those interests — not the interests themselves.”111 On the pending motion for summary judgment, Roche asserted that the non-assignment provision’s “effect was limited to the four corners of [the Global Consent] and had no application to Roche’s acquisition of BioVeris in 2007.”112 In other words, the only interpretation proffered by Roche is that Section 5.08 was intended to prevent the assignment of the right to transfer the interests in Article 3 of the Global Consent. Such a reading does not comport with the plural reference to rights, interests, and obligations.113 Moreover, Roche’s reading of the Global Consent would make the reference to interests and obligations mere surplusage in contravention of well-recognized contract construction principles. For these reasons, I am not convinced that Roche’s in*81terpretation of Section 5.08 is reasonable.114

More likely, “rights, interests or obligations” refers to the “right, title and interest in and to any and all intellectual property and other proprietary and confidential information or materials owned by [IGEN] ... to which MSD [or] MST ... has any direct or indirect rights or benefits ... pursuant to the MSD Agreements.” 115 In simpler terms, MSD and MST consented in the Global Consent to the transfer of IGEN’s intellectual property to which MSD or MST at least arguably had an interest. In that context, I consider Meso’s reading of Section 5.08 to be reasonable. That is, one reasonable interpretation of the non-assignment provision is that it was intended to prohibit further assignment of those rights and interests, including IGEN’s rights and interests in the Joint Venture Agreement and MSD License, by operation of law or otherwise, without the written consent of the other parties.

To the extent that rights and interests in intellectual property were exclusively licensed to MSD through the MSD License, for example, those rights and interests would be included in Section 5.08’s prohibition. In any event, however, to make its claim in Count I, Meso still would have to prove at trial that the merger of Lili Acquisition into BioVeris involved an assignment of rights to which MSD and MST had a direct or indirect interest under the MSD Agreements.

3. Did the BioVeris Merger constitute an assignment “by operation of law or otherwise” under Section 5.08?

Roche argues that even if this Court concludes that Section 5.08 applies to the assignment of rights, interests, or obligations relating to BioVeris’s intellectual property, Roche still is entitled to summary judgment on Count I because no assignment by operation of law or otherwise occurred when Roche acquired BioVeris through a reverse triangular merger. Specifically, Roche asserts that BioVeris remained intact as the surviving entity of the merger, and, therefore, BioVeris did not assign anything. Meso, on the other hand, contends that mergers generally, including reverse triangular mergers, can result in assignments by operation of law.

At the motion to dismiss stage, I noted that Section 5.08 does not require Meso’s consent for changes in ownership, but prohibits, absent consent from MSD and MST, an assignment of BioVeris’s rights and interests by operation of law or otherwise.116 I concluded that no Delaware case squarely had addressed whether a reverse triangular merger could ever be viewed as an assignment by operation of law.117 I further stated that “Plaintiffs plausibly argue that ‘by operation of law’ was intended to cover mergers that effectively operated like an assignment, even if it might not apply to mergers merely involving changes of control.”118

To interpret an anti-assignment provision, a court “look[s] to the language of the agreement, read as a whole, in an *82effort to discern the parties’ collective intent.” 119 Roche contends that the language “by operation of law or otherwise” makes clear that the parties did not intend Section 5.08 to cover reverse triangular mergers. I find Roche’s interpretation of Section 5.08 to be reasonable. Generally, mergers do not result in an assignment by operation of law of assets that began as property of the surviving entity and continued to be such after the merger.

Upon the completion of a merger, Section 259 of the DGCL 120 provides:

When any merger or consolidation shall have become effective under this chapter, for all purposes of the laws of this State the separate existence of all the constituent corporations, or of all such constituent corporations except the one into which the other or others of such constituent corporations have been merged, as the case may be, shall cease and the constituent corporations shall become a new corporation, or be merged into 1 of such corporations ... the rights, privileges, powers and franchises of each of said corporations, and all property, real, personal and mixed, and all debts due to any of said constituent corporations on whatever account ... shall be vested in the corporation surviving or resulting from such merger or consolidation; and all property, rights, privileges, powers and franchises, and all and every other interest shall be thereafter as effectually the property of the surviving or resulting corporation as they were of the several and respective constituent corporations.121

In Koppers Coal & Transport Co. v. United States,122 the United States Court of Appeals for the Third Circuit concluded that “the underlying property of the constituent corporations is transferred to the resultant corporation upon the carrying out of the consolidation or merger as provided by Section 59.”123 Other courts in Delaware have held that Section 259(a) results in the transfer of the non-surviving corporation’s rights and obligations to the surviving corporation by operation of law.124 For example, in DeAscanis v. Bro-sius-Eliason Co.,125 the Delaware Supreme Court associated Section 259 with assignments by operation of law.126 The language in Section 259, “except the one into which the other or others of such constituent corporations have been merged,” however, suggests that the sur*83viving corporation would not have effected any assignment. In sum, Section 259(a) supports Roche’s position that a reverse triangular merger generally is not an assignment by operation of law or otherwise, and that, therefore, Section 5.08 was not intended to cover reverse triangular mergers.

I also note that Roche’s interpretation is consistent with the reasonable expectations of the parties. Pursuant to the widely accepted “objective theory” of contract interpretation — a framework adopted and followed in Delaware — this Court must interpret a contract in a manner that sa