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Active Biotech AB rejects USD20m claim by PowderJect Pharmaceuticals Plc.

NORDIC BUSINESS REPORT-13 June 2003-Active Biotech AB rejects USD20m claim by PowderJect Pharmaceuticals Plc(C)1994-2003 M2 COMMUNICATIONS LTD http://www.m2.com

Swedish biotechnology company Active Biotech AB said on Thursday (12 June) that it was in arbitration proceedings in connection with a dispute with the UK vaccines company PowderJect Pharmaceuticals Plc.

The dispute related to "alleged inaccurate assumptions in the share purchase agreement regarding SBL Vaccin" and involved a USD20m claim by PowderJect Pharmaceuticals, Active Biotech said.

"Active Biotech is of the opinion that the alleged claim by PowderJect Pharmaceuticals Plc is entirely without merits and will take whatever actions the company deems necessary in order to protect its interests in the arbitration proceedings," Active Biotech concluded.

One US dollar (USD) is worth approximately 0.61 British pounds (GBP).

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Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:4EUSW
Date:Jun 13, 2003
Words:143
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