Canadian firm Receptagen has filed suit in Vancouver against the former shareholders of Ryan Pharmaceuticals, which the firm acquired in 1993. The suit is being brought to clarify the interpretation of a clause in the share exchange agreement entered into during the course of the acquisition.
Receptagen acquired Ryan to obtain the US patent for use of coenzyme Q10 in the treatment of AIDS symptoms. As part of the agreement Receptagen granted a royalty of 5% on net sales of CoQ10. Receptagen maintains that the royalty is due exclusively for pharmaceutical-grade CoQ10 sold for the treatment of AIDS symptoms. Ryan shareholders assert that the royalty is due on any sales of CoQ10.
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