Verus sues AZ for $1.3B over contract exit
Anglo-Swedish drug major AstraZeneca is being sued by US firm Verus Pharmaceuticals, a specialty pharmaceutical company, in the Supreme Court of the State of New York, USA, seeking $1.3 billion on claims of fraud, breach of contract, and conversion.
Verus alleges that AstraZeneca disregarded its obligations under three agreements with Verus, entered into in 2007, under which the AZ was to pursue the R&D of Verus' assets, including budesonide, a steroid for the treatment of pediatric asthma in the USA.
Verus further claims that the drug major's representations, which induced the company to enter into the agreements, constituted fraud.
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