Exhibition Stands > News

SpePharm could take action against BioAlliance

16 Apr 2009

Pharmaceutical firm SpePharm has announced it will do all it can to protect its rights and that of SpeBio - a joint venture it set up with BioAlliance.

SpeBio was formed in 2007 in order to market Loramyc - used to treat oropharyngeal candidiasis - across Europe.

However, BioAlliance pulled out its funding, stating the drug had failed to match expectations for sales.

Its business partner disagreed, saying the expectations were "unrealistic" and is now threatening legal action, alleging the agreement was wrongfully terminated.

The company intends to pursue financial damages its claims amount to €35 million (£31 million).

"SpePharm is determined to protect its and SpeBio''s rights and to receive a fair financial compensation using all possible legal means for the damage caused by BioAlliance to both companies," explained chief executive Jean-Francois Labbe.

He added the firms had attempted to discuss a practical solution, but SpePharm had lost the cash it invested in the product.

Much of the company''s corporate strategy is based on obtaining licensing rights to oncology products for hospitals and specialists.