SpePharm to file for up to 35M euros in damages from BioAlliance
Dutch drugmaker SpePharm Holding BV says it intends to file a claim for financial damages and losses of not less than 35.0 million euros ($46.6 million) against French firm BioAlliance Pharma SA.
Last month, less than nine months after the first launch of Loramyc (miconazole), BioAlliance's muco-adhesive buccal tablet for oropharyngeal candidiasis, the French company terminated a license agreement with SpeBio BV, a joint venture the two firms had set up in 2007 to sell the antifungal product in in Europe (Marketletter March 9).
SpePharm claims BioAlliance has breached its obligations to the SpeBio shareholders, maintaining that the firm has "totally unrealistic commercial expectations for Loramyc in Europe," and has requested "excessive and wasteful promotional investments which would have denied any possible return on investment" for the JV.
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