THE Event
In its lawsuit against KBP, Novo Nordisk claimed it was misled into believing that KBP and Dr Huang had developed a “new and successful” substance, called ocedurenone, to treat hypertension and kidney condition, which it then acquired.
The October 2023 agreement, according to Novo Nordisk,” strongly aligned with our proper focus on expanding from our core in diabetes into various serious serious diseases, including through novel drug modalities.”
The New York Stock Exchange-listed company’s essential materials include hyperglycemia and weight-loss solutions Ozempic and Wegovy.
Judge Jeyaretnam stated in his decision that he was satisfied that Novo has established that it has a strong, conclusive circumstance against KBP for forgery under New York law, which governs the debate.
He said that KBP “knowingly failed” to publish material data. This includes information regarding value and conformity issues at a single check page that produced “anomalous good results,” as well as time analyses of phase two clinical trial results that demonstrate the drug’s ineffectiveness.
” Also, Dr Huang probably knew and participated in these untruths”, the judge added. There is a strong argument that Dr. Huang was aware of the unfavorable data when he executed the property purchase agreement.
Judge Jeyaretnam added that he was confident that there was a “real risk” of asset transfers, dissipation, or intentional asset exchange.
It identified payments totaling US$ 339.1 million from KBP to its holding firm around the shut, as well as a declaration of US$ 578.5 million in dividends, according to an entomologist research filed by Novo Nordisk.
Novo Nordisk argues that the actions show Dr. Huang’s intention to remove assets from approach in anticipation of a lawsuit by the business, despite the judge’s finding that there is” no clear commercial logic” for these actions.  ,  ,
In granting the chilling order, the judge said it was appropriate as KBP and Dr Huang have” major property” in Singapore. KBP has a , DBS fixed loan bank accounts that held US$ 218 million as of Dec 31, 2023, while Dr Huang’s residence in Sennett Estate was for US$ 7 million at the time of order.
Novo Nordisk may then start arbitration proceedings against KBP in New York, the jury added.