Arbitration Looms as Novo Seeks Compensation
The dispute now moves to arbitration in New York, administered by the International Chamber of Commerce. Meanwhile, the Singapore court’s Mareva injunction—an emergency asset freeze—prevents KBP and its founder, Huang Zhenhua, from shifting assets out of Singapore.
Novo’s troubles with ocedurenone surfaced last June, when the Danish pharmaceutical giant informed investors that a Phase 3 trial had failed to meet expectations. The setback forced Novo to halt development, leading to an impairment loss of nearly $800 million.
Judge Jeyaretnam emphasized the urgency of Novo’s request, stating that the risk of KBP dissipating its assets justified the order being granted without prior notice to the defendants.
Novo: Patient Safety is the Priority
A Novo spokesperson defended the company’s aggressive legal approach, stating, “Patient safety remains our number one priority in every aspect of our business, including ensuring we receive all material information related to clinical trials.”
KBP representatives could not be reached for comment outside business hours in Singapore.
Novo Nordisk is represented by Setia Law LLC’s Danny Ong, Jason Teo, and Elvis Zhang. Counsel for KBP Biosciences was not available.
