Shionogi Scuttled Deal By Destroying Fenoglide Pills: Suit

Law360, New York (February 16, 2012, 5:28 PM EST) -- Cowen Healthcare Royalty Partners launched a suit in New York state court Wednesday alleging Shionogi Inc. breached an agreement to market cholesterol drug Fenoglide and irreparably harmed the brand by destroying an $28 million batch of pills rather than fixing the pills' cosmetic flaws.

Japan-based Shionogi agreed to manufacture, market and promote Fenoglide in the U.S. under a licensing agreement with Cowen, which had acquired rights to the drug from its developer LifeCycle Pharma A/S. Cowen paid $29 million for the rights, and agreed to make...
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