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20-02-2025, 10:58 AM
Singaporean Huang Zhenhua's Assets Frozen Over US$830 Million Suit by Drug Giant Novo - The Business Times
Title: Singaporean Huang Zhenhua’s assets frozen over US$830 million suit by drug giant Novo
Source: The Business Times, https://www.businesstimes.com.sg/compani...giant-novo, Published 2025-02-19 20:03:00
Author Information: Not Available
Article Summary:
Theme: Novo Nordisk, a Danish drugmaker, is suing Singaporean biotech firm KBP Biosciences and its founder Huang Zhenhua for US$830 million in damages. Novo alleges that KBP misled them about the effectiveness of an experimental hypertension drug.
Core Points:
- Novo Nordisk purchased the drug "ocedurenone" from KBP for US$1.3 billion in late 2023.
- Novo halted a clinical trial for the drug in 2024 because it was not effective and incurred an impairment loss of US$800 million.
- The Singapore International Commercial Court froze the assets of KBP and Huang Zhenhua.
- Novo is also pursuing legal proceedings against KBP in New York.
Phenomenon:
- Novo's lawsuit against KBP highlights the risks associated with investments in experimental drugs, especially when there are allegations of misrepresentation about the efficacy of the treatment.
Additional Information:
- The court ruling states that KBP failed to disclose material information, including interim analyses of clinical trial results.
- The judge alleges that Huang Zhenhua participated in these misrepresentations.
Title: Singaporean Huang Zhenhua’s assets frozen over US$830 million suit by drug giant Novo
Source: The Business Times, https://www.businesstimes.com.sg/compani...giant-novo, Published 2025-02-19 20:03:00
Author Information: Not Available
Article Summary:
Theme: Novo Nordisk, a Danish drugmaker, is suing Singaporean biotech firm KBP Biosciences and its founder Huang Zhenhua for US$830 million in damages. Novo alleges that KBP misled them about the effectiveness of an experimental hypertension drug.
Core Points:
- Novo Nordisk purchased the drug "ocedurenone" from KBP for US$1.3 billion in late 2023.
- Novo halted a clinical trial for the drug in 2024 because it was not effective and incurred an impairment loss of US$800 million.
- The Singapore International Commercial Court froze the assets of KBP and Huang Zhenhua.
- Novo is also pursuing legal proceedings against KBP in New York.
Phenomenon:
- Novo's lawsuit against KBP highlights the risks associated with investments in experimental drugs, especially when there are allegations of misrepresentation about the efficacy of the treatment.
Additional Information:
- The court ruling states that KBP failed to disclose material information, including interim analyses of clinical trial results.
- The judge alleges that Huang Zhenhua participated in these misrepresentations.
