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news.Verus Pharmaceuticals, a specialty pharmaceutical company, has filed a lawsuit against AstraZeneca and Tika Lakemedel in the Supreme Court of the State of New York. In the lawsuit, the company has claimed $1.3 billion against fraud, breach of contract and conversion.
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The company claims that AstraZeneca and its wholly-owned subsidiary, Tika have disregarded their obligations under the three agreement with Verus signed in 2007. Under the terms of the agreement, defendants were to pursue the research and development of Verus’ assets, including budesonide, a steroid for the treatment of pediatric asthma in the US.
Verus further alleges that defendants’ representations that induced Verus to enter into the agreements, constituted fraud.