Novo Nordisk alleges fraud after US$1.3 billion deal to buy hypertension drug from Singapore-based KBP Biosciences

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Novo Nordisk alleges fraud after US$1.3 billion deal to buy hypertension drug from Singapore-based KBP Biosciences - Channel News Asia

Quick Summary:

Novo Nordisk is seeking up to US$830 million in damages from KBP Biosciences, according to a ruling by a Singapore court, as the Danish drugmaker says it was misled when it bought a new hypertension drug from KBP in 2023.

The court said Novo Nordisk will launch arbitration proceedings against KBP in New York.

A view shows the logo of Novo Nordisk at the company's office in Bagsvaerd, on the outskirts of Copenhagen, Denmark, on Mar 8, 2024.