GTC Moves To End Contract With Euro Partner
Alleging breach of contract, Framingham-based GTC Biotherapeutics Inc. has terminated its commercialization and development agreement with LEO Pharma of Denmark.
GTC also said it was also seeking damages under International Chamber of Commerce arbitration rules. GTC and LEO entered into an agreement in 2005 by which LEO would commercialize and develop GTC's ATryn anti-clotting protein in Europe, Canada and the Middle East.
Last fall, LEO told GTC that it wished to transfer the agreement to one of LEO's partners. According to GTC, the transfer process "has been protracted" and LEO has not met its contractual obligations while transferring the contract.
GTC's ATryn has been approved for use in Europe and the company said it wishes to seize that commercial opportunity "in a straightforward manner."
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