Novo Nordisk (NVO) is seeking up to $830 million in damages from KBP Biosciences, alleging the Singapore-based firm engaged in fraud during the 2023 sale of ocedurenone, a drug that supposedly treated hypertension, according to an Feb. 14 court document made public this week.
A Singapore court has ordered all of the assets of KBP and its founder frozen, according to the ruling.
The ruling stated that the court was "satisfied that Novo has shown that it has a good arguable case against KBP for fraud under New York law, which governs the dispute."
Novo Nordisk bought ocedurenone for up to $1.3 billion in 2023 but announced an impairment loss of about $800 million the following year after poor clinical trial results, Bloomberg reported.
Novo Nordisk and KBP Biosciences did not immediately reply to MT Newswires' request for comment.
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