MEDCO RESEARCH FILES COMPLAINT AGAINST FUJISAWA PHARMACEUTICAL CO.
LOS ANGELES, May 6 /PRNewswire/ -- Medco Research, Inc. (AMEX: MRE) said today it filed a complaint in the United States District Court, Northern District of Illinois, seeking $145 million in damages, plus $200 million in punitive damages, from Fujisawa Pharmaceutical Co. Ltd. and Fujisawa USA, Inc. Medco's complaint charges Fujisawa with, among other things, breach of contract, fraud, breach of fiduciary duty, breach of good faith and fair dealing, and negligent misrepresentation in connection with the company's Development and License Agreement with Fujisawa for Medco's Adenoscan product. Under that agreement, Medco had granted Fujisawa the exclusive right to manufacture, market and sell Adenoscan in the United States and Canada. Medco terminated the agreement, effective May 4, after several months of unsuccessful negotiations attempting to resolve its differences with Fujisawa. Adenoscan is being developed as a pharmacologic alternative to exercise stress testing for the detection of coronary disease. Medco Research is a pharmaceutical company engaged in the acquisition, research and development of new prescription drugs for the diagnosis or treatment of certain cardiovascular diseases and cancer. -0- 5/6/93 /CONTACT: Archie W. Prestayko, Ph.D. of Medco Research, 213-966-4148, or Fredric J. Spar of Kekst and Company, 212-593-2655, for Medco Research/ (MRE)
CO: Medco Research, Inc.; Fujisawa Pharmaceutical Co. Ltd. ST: California, Illinois IN: MTC SU:
PS -- NY018 -- 5222 05/06/93 08:43 EDT
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|Date:||May 6, 1993|
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