Novo Nordisk seeks billion-dollar damages

Novo Nordisk claims they were misled in their acquisition of the drug candidate Ocedurenone from KBP Biosciences PTE and is demanding up to $830 million in compensation. Following an unsuccessful clinical trial that didn’t meet expectations, Novo Nordisk wrote down approximately 5.7 billion Danish kroner in June. The Singapore International Commercial Court has ordered the freezing of global assets belonging to KBP Biosciences and its founder, Zhenhua Huang, after evidence suggested that KBP might have intentionally withheld crucial information regarding the drug’s ineffectiveness. Novo Nordisk is to initiate arbitration in New York. The company emphasizes patient safety as its top priority and the importance of receiving all substantial information related to clinical trials.