Gene Sequencer Says Ex-Partner's $138M Deal Broke Promises

Law360, New York (October 26, 2012, 6:56 PM EDT) -- California life sciences outfit Azco Biotech Inc. on Thursday sued Intelligent Bio-Systems Inc., its former partner in a gene-sequencing chemicals and equipment venture, saying IBS' CEO “sold out” Azco for a $138 million merger deal with Dutch DNA technology conglomerate Qiagen NV.

Lured by the fat Qiagen buyout package, Azco and its CEO J. Adams claim, IBS chief Steven J. Gordon was persuaded to abandon an agreement with Azco to mutually develop and sell IBS' MAX-Seq brand genome sequencing equipment and associated reagents. Massachusetts-based IBS left...
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