Novo Nordisk, the Danish pharmaceutical giant, has filed a lawsuit against Singapore-based KBP Biosciences and its founder, Huang Zhenhua, alleging KBP Biosciences misrepresented the effectiveness of an experimental hypertension drug, Ocedurenone, during a $1.3 billion acquisition in 2023. The dispute has led to a global freeze on Huang’s and KBP’s assets, ordered by the Singapore International Commercial Court.
The lawsuit centers on Ocedurenone, the drug that Novo Nordisk acquired as part of its purchase of KBP Biosciences. Novo Nordisk claims that it was misled about the drug’s potential and is now seeking up to $830 million in damages through arbitration in New York. According to the company, the information provided during the acquisition process did not accurately reflect the drug’s actual qualities.
KBP Biosciences and Huang Zhenhua have not publicly responded to the allegations. Meanwhile, Novo Nordisk has not provided additional comments beyond the legal filings.
Source : Straits Times
