The Singapore International Commercial Court (SICC) has upheld a worldwide freeze on USD 730 million in assets owned by Singapore-based KBP Biosciences in a dispute raised by Danish pharmaceutical giant Novo Nordisk.
Novo Nordisk claims KBP Biosciences misled it into paying USD 1.3 billion in 2021 for Ocedurenone, a drug intended to treat high blood pressure and kidney disease, by withholding key data on its effectiveness.
The court found Novo had a strong case and that there was a real risk the Singaporean company might move assets. It therefore confirmed the freeze to support arbitration held outside Singapore.
The SICC also ordered the defendants to drop a related case in Denmark aimed at blocking Novo from using the Singapore order.
