Novo Nordisk sues KBP over claim it was ‘misled’ into deal
Danish pharma major Novo Nordisk (NOV: N) has sued KBP Biosciences and its founder and executive chairman, Huang Zhenhua, for $830 million in an application to the Singapore International Commercial Court.
Novo Nordisk claims that it was misled into believing the defendants had developed a new and effective drug to treat hypertension and kidney disease, ocedurenone, which it then acquired under an asset purchase agreement (APA) dated 11 October 2023.
The court agreed with Novo Nordisk’s request to impose a worldwide freeze on KBP's assets, with the judge saying that he was satisfied that the former firm has shown that it has a good, arguable case for fraud.
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