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Abzena facing claim in US court

29 August 2017 08:04

Abzena and its subsidiaries Abzena Inc and PacificGMP have been named in a complaint filed by Stanford University with the Superior Court of California over claims arising with regard to certain service contracts with PacificGMP.

Abzena said: "The principal issue of the complaint arose prior to Abzena's acquisition of PacificGMP in September 2015 and as referenced in the group's circular dated 5 April 2017, limited indemnification cover is provided by the former shareholders of PacificGMP as a portion of the acquisition consideration payable to the former PacificGMP shareholders has been held in escrow since completion of the Acquisition in order to address this issue."

It added: "Whilst the complaint claims compensatory damages of $3m, plus punitive damages, expenses and interest, the company and its advisers currently believe that any liability, including costs associated with defending the claim, should be lower than this and expect they will be adequately covered by the funds held in escrow of approximately $1.5m.

"Abzena has been in negotiations with Stanford since the acquisition of PacificGMP, seeking to reach a mutually agreeable solution, but this has not been possible to date."

At 8:04am: (LON:ABZA) Abzena Plc share price was -3.5p at 41p

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