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Posted On: 07/08/2024 4:37:44 PM
Post# of 154003
Surprise, Novartis buys a company and then allegedly buries their drug.
Quote:
Novartis is being accused of deliberately stalling the development of an acquired IL-15 asset, costing a smaller biotech up to $940 million in milestone payments plus additional damages and costs.
The lawsuit, filed July 3 on behalf of Admune Therapeutics and seller representative Aramis, alleges that the Swiss pharmaceutical company avoided paying key milestone payments by “stringing Aramis along.”
At the center of the litigation is an IL-15-targeting medication from Admune that was acquired by Novartis in October 2015 for $140 million upfront and $960 million in biobucks.
[there’s much more in the article]
https://endpts.com/acquired-biotech-accuses-n...-the-vine/
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