lakshmiprasad S

Aligos Therapeutics (NASDAQ:ALGS) on Wednesday said it had responded to allegations of theft made by Janssen Biopharma and had filed counterclaims in court against the Johnson & Johnson (NYSE:JNJ) unit.

In March, Janssen had filed a complaint in a California court against ALGS and its co-founders – CEO Lawrence Blatt and president Leonid Beigelman.

According to a media report, Janssen had alleged that ALGS was built on intellectual property and information stolen from it. Janssen also claimed that Blatt and Beigelman had developed a line of hepatitis B virus (HBV) targeting products using its resources and formed ALGS.

ALGS said its response filed in California State Superior Court for the County of San Mateo identified publicly available information, previous work experience, publications and patents which had been used to build its HBV portfolio.

“The response further outlines and documents that all work was performed by Aligos employees after leaving Janssen Biopharma,” ALGS said in Wednesday’s statement.

Additionally, the company said it had filed counterclaims against Janssen alleging that it had engaged in “unfair competition” and “promissory fraud.”

Blatt and Beigelman also joined ALGS in filing the counterclaims.

ALGS stock +1.8% to $1.12 after hours, while shares of JNJ were flat.


Source link

1 comment

Comments are closed.

You May Also Like

HROW stock gains as subsidiary launches topical antibiotic (NASDAQ:HROW)

[ad_1] Harrow Health gains as subsidiary launches topical antibiotic [ad_2] Source link

US has sent $8.28 billion in pandemic funds to local lenders

[ad_1] WASHINGTON (AP) — On the same day the Federal Reserve gave…

Amazon, facing union votes, raises average starting pay to $19 per hour

[ad_1] Amazon.com Inc. announced a pay increase for hourly workers in the…

Relief rally in UK, US markets after Bank of England ‘reassurance’

[ad_1] Investors on Wednesday piled into US stocks and government bonds, following…

LIBN, September 30, 2022 | Long Island Business News

[ad_1] LIBN’s Digital Edition is available on most mobile and desktop browsers.…

China Factory activity shrinks at steeper pace amid the impact of COVID controls

[ad_1] China Factory activity shrinks at steeper pace amid the impact of…