(Credit: Cryptographer/Shutterstock.com) Quinn Emanuel Client Sues Biotech Company, Seeking $100M Over Allegedly Breached COVID-19 Test Kit Agreement
Upon obtaining approval from the Food and Drug Administration, the plaintiffs claim the defendants "unilaterally cancelled plaintiffs' manufacturing and distribution rights, and unfairly demanded that plaintiffs agree to new, less favorable terms, or else defendants would choose a new manufacturer and cut plaintiffs out entirely. When plaintiffs refused to capitulate to defendants' deceptive scheme, defendants made good on their threats by deserting the deal and ignoring plaintiffs' demands for just compensation," according to the complaint.
August 21, 2024 at 03:58 PM
3 minute read
Attorneys with Quinn Emanuel Urquhart & Sullivan recently filed a breach-of-contract suit in a Massachusetts state court on behalf of a biotech manufacturer seeking $100 million in damages for its efforts in securing regulatory rights for another company's branded over-the-counter COVID-19 test.
The Aug. 14 complaint, filed in Middlesex County Superior Court on behalf of a San Diego-based biotechnology company, CorDx, and its subsidiaries, Bao Ruiyan Biotech (Beijin) Co., and Core Technology Co., accused the Massachusetts-based seller of self-testing products, Genabio Diagnostics, and its executive leader, Weike Mo, of failing to follow through with an agreement. Through a partnership, the Genabio defendants gave CorDX exclusive manufacturer rights of Genabio's branded COVID-19 testing kits. In exchange, CorDX was to receive half of all the net profits from the test kits that were sold and have distribution rights for at least one-third of the tests, among other things.
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