Latest news with #KBP
Business Times
5 days ago
- Business
- Business Times
Singapore's KPB Biosciences fails in bid to unfreeze assets in US$830 million Novo Nordisk legal battle
[SINGAPORE] Locally headquartered biotech firm KPB Biosciences has failed to set aside a court order for its assets to be frozen, with the Singapore International Commercial Court (SICC) having dismissed its application on Tuesday (Aug 12). The worldwide freezing order had been obtained by Danish drugmaker Novo Nordisk, which is claiming up to S$830 million in damages from KPB, over allegations that the Singapore-based biotech firm had misled it about a drug for hypertension and kidney disease. Novo Nordisk had acquired the drug from KBP in late 2023 in a deal worth up to US$1.3 billion. But less than a year later, the pharmaceutical giant halted clinical trials because the treatment was proven to be ineffective. Novo Nordisk, best known for Ozempic, the blockbuster diabetes drug, subsequently announced an impairment loss of around US$800 million. In February, Judge Philip Jeyaretnam granted the worldwide freezing order in support of the suit, which is being arbitrated in New York. The judge determined there was a real risk that KBP would place its assets beyond Novo's legal reach. Transfers of US$339.1 million from KBP to its holding company, as well as US$578.5 million paid out in dividends, indicate that its founder, Huang Zhenhua, had the intention of moving assets out of Novo's reach in anticipation of a claim, he said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The freeze encompasses KBP's Singapore-based assets, which include the company's DBS fixed deposit account containing US$218 million as of Dec 31, 2023, and Huang's Sennett Estate property, valued at US$7 million at purchase. The case at hand KPB had sought to set aside the freeze order on four main grounds: It argued that Novo lacked a strong legal case, and that there was no real risk of asset misuse; it further argued that Novo had failed to provide full and frank disclosure of the freeze order. The company's lawyers also contended that the application did not satisfy the legal requirements under Section 12A of the International Arbitration Act 1994, which allows the Court to grant interim measures supporting international arbitration proceedings. But in his judgement, Judge Jeyaratnam found that Novo had a good arguable case, as the evidence sufficiently established that both KBP and Huang had misled it on the efficacy of its kidney-disease drug. He also ruled that the risk that KBP and Huang would move the assets out of Novo's reach was real. The monies Huang received have remained in his personal bank accounts. But when viewed in the context of Novo's lawsuit against KBP, these funds were found to have passed through multiple intermediaries before reaching him. The evidence thus suggested that Huang had expected Novo to file claims against KBP, but not against him personally. As for whether Novo's application fulfilled Section 12A, the judge said the requirements were established as the emergency arbitrator could not grant the freezing order, which was sought without notifying the other party to prevent asset transfers. For these and other reasons, the Court declined to set aside the freeze order. Who is KBP's founder Huang Zhenhua? The native of Shandong, China, now a Singaporean citizen, has been described in the media as a 'serial entrepreneur', with more than 20 years' experience in drug research and development. After earning his PhD from Shenyang Pharmaceutical University, he founded Xuanzhu Biopharm in 2002. A decade later, he sold it to Sihuan Pharmaceutical Holdings. He served as executive director and shareholder at Sihuan before it delisted from the SGX in 2009 and then relisted in Hong Kong the following year. Huang established KBP in 2011 in Shandong. Court documents show he owns a 40 per cent stake in the company, now incorporated in Singapore, with its global headquarters in International Plaza on Anson Road, and its operations in China and the US.
Business Recorder
02-07-2025
- Business
- Business Recorder
Support price for wheat: LHC reserves verdict on KBP's plea
LAHORE: The Lahore High Court on Wednesday reserved its verdict in a petition filed by the Kissan Board Pakistan (KBP) against delay in fixing a support price for wheat. Earlier, the KBP president's counsel pleaded that the government had yet to announce a minimum support price for wheat, causing significant financial hardship for farmers. The petitioner's counsel argued that nearly 70 per cent of the country's population was directly or indirectly dependent on agriculture, making its development vital for national food security. He stated that last year, the government procured wheat at Rs 4000 per 40 kg from select regions. However, this year, due to a delay in policy announcement, wheat was sold in the market at Rs 2200 per 40 kg which was far below production cost. The counsel said the inefficiency of the government caused financial losses to farmers. The counsel argued that the delay effectively left the farmers at the mercy of private flour mill owners which could lead to exploitation and economic crisis for the agricultural community. He further contended that by not fixing the price, the government failed in its duty to protect the interests of farmers who are already burdened by rising costs and uncertain market conditions. Copyright Business Recorder, 2025
Business Recorder
13-06-2025
- Business
- Business Recorder
Budget boosts agri loans, but growth uncertainty remains
LAHORE: While the budget 2025 continues to present agriculture as the backbone of Pakistan's economy - contributing 24% to the national GDP - experts and stakeholders expressed concerns that real growth and resilience in the sector remain uncertain. The government has introduced several policy initiatives aimed at improving agriculture and strengthening climate resilience. These include an increase in agricultural loans from Rs 1,785 billion to Rs 2,066 billion, digital refinancing of up to Rs 100,000 for small farmers without collateral, and the establishment of the National Seed Development and Regulatory Authority to support climate-compatible seed systems. In addition, the National Agriculture Biotechnology Policy and National Seed Policy 2025 are in the final approval stages, aiming to improve innovation, seed quality regulation, and private sector involvement in research and development, according to Aamer Hayat Bhandara, a progressive farmer and co-founder of Agriculture Republic. A National Agriculture Committee is also being formed to improve coordination between federal and provincial governments - acknowledging that agricultural execution primarily falls under provincial jurisdiction. However, the Economic Survey of Pakistan reported just a 0.56% growth rate in the agriculture sector which is considered 'disheartening' for a country where millions depend on farming. 'Despite agriculture being frequently mentioned in policy debates, the lack of a long-term, consistent strategy continues to hold back meaningful progress. Relying solely on policy announcements is risky - especially when climate change, water inefficiency, and weak farmer support remain unresolved,' said Bhandara. He emphasized that real change will come only when policies are implemented effectively and reach the grassroots level. Meanwhile, the Kissan Board Pakistan (KBP), a small farmer advocacy group, criticized the budget for ignoring the agricultural community. They argued that inadequate subsidies for crop procurement and indirect taxes on farming inputs would further strain farmers. KBP President Sardar Zafar Hussain Khan, General Secretary Dr. Abdul Jabbar Khan, and Secretary Information Haji Muhammad Ramzan, in a press conference, pledged to continue advocating for farmers' rights. They warned that unless agriculture is placed at the top of the national agenda, economic progress will remain limited. Pakistan Kissan Ittehad (PKI) President Khalid Khokhar and Aamer Hayat Bhandara also pointed out inconsistencies in tax policies. They called for the removal of the 18% GST on local cotton, arguing that it creates an unfair advantage for imported, tax-free cotton. Removing the tax would support local growers and help revive domestic cotton cultivation. Experts noted that climate change featured prominently in both the Economic Survey and the federal budget speech. The government has secured $1.4 billion through the IMF's Resilience and Sustainability Facility (RSF) to invest in climate-resilient infrastructure, seed systems, and risk management. Encouragingly, no new taxes have been imposed on fertilizers and pesticides, protecting farmers from additional costs amid ongoing IMF reforms. However, the imposition of GST on solar energy technologies has drawn widespread criticism for threatening clean energy access in agriculture. For many smallholders, solar-powered tube wells, cold storage units, and off-grid irrigation systems remain the only viable options amid high electricity costs and climate challenges. Making these technologies more expensive, experts warned, could hinder the country's goals for climate adaptation in rural areas. Copyright Business Recorder, 2025
The Sun
06-05-2025
- Business
- The Sun
ECERDC facilitates RM1 billion committed investments in Terengganu
PETALING JAYA: The East Coast Economic Region Development Council (ECERDC) has facilitated RM1 billion in committed investments in Terengganu in the first quarter of 2025, achieving 43% of the RM2.4 billion investment target set for the state this year. These investments are driven largely by the tourism sector and will reinforce Terengganu's position as a strategic hub for high-value tourism initiatives. In addition to tourism, the investments span key sectors such as agriculture, manufacturing and services, reflecting strong investor confidence in Terengganu's dynamic and diversified economy. These committed investments represent a significant step forward in the East Coast Economic Region's (ECER) tourism and agricultural transformation, the council said in a statement. Terengganu Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar said that realised investments stood at RM729.7 million as of March, creating over 1,000 new jobs in the state. The manufacturing sector remained the key driver, followed by tourism, agriculture, and services. 'Terengganu continues to position itself as a strategic destination for investors, supported by strong collaboration between the state government, ECERDC, and the Malaysian Investment Development Authority. 'We are committed to advancing innovation and sustainable growth across key sectors, from agriculture to high-tech manufacturing, to create quality employment, spur long-term economic progress and strengthen the state's economic foundation,' he said. Among the commitments are a 60MW photovoltaic solar farm integrated into an agricultural project, an ammonium paratungstate processing facility and a waste collection and treatment centre. Others include a dairy farm supported by a Napier grass plantation and biodigester system, and a calcined kaolin production facility. A key development highlighted at an ECER Terengganu Implementation Coordination Committee meeting in Kuala Terengganu recently was the completion of infrastructure expansion works at the Kerteh Biopolymer Park (KBP). Delivered under Phase 4A, the upgrade strengthens KBP's role as a national platform for advanced materials, clean technologies, and biopolymer production. Since KBP commenced operations in June 2015, the industrial park has recorded RM5.1 billion in realised investments, with demand for industrial space continuing to grow. To support this demand, the KBP SME Complex Phase 1B is currently under construction and scheduled for completion next month. Once operational, the facility will offer purpose-built units tailored for SMEs in the energy sector and support services, helping nurture a resilient and innovation-led industrial ecosystem in Terengganu. ECERDC CEO Datuk Baidzawi Che Mat said the delivery of strategic infrastructure such as KBP and the successful attraction of quality investments speak to the ECERDC's long-term commitment to building a high-performing, sustainable economy. 'These achievements are more than physical developments; they represent an enabling ecosystem for innovation, inclusive growth, and global investor confidence,' he added. In tandem with investment growth, ECERDC is progressing several key infrastructure projects. The Kuala Terengganu airport road upgrade is on track for completion and will significantly enhance connectivity between Sultan Mahmud Airport and the city centre. The project includes an 'Executive Drive' route to facilitate logistics and improve investor access. The KTCC Promenade Phase 1 is 56% complete. The project is designed to boost tourism and urban vibrancy. In addition to industrial projects, the council highlighted the ongoing rollout of the Inisiatif Pendapatan Rakyat – Program Usahawan Tani, which is equipping B40 communities with modern and sustainable farming practices. The fertigation chilli project in Bukit Bidong is poised to become the largest in Malaysia by the end of 2025, driven by precision farming systems and community-led management. Complementary initiatives include sweet potato cultivation in Kampung Banggol and Kampung Saujana, as well as an integrated agriculture project in Taman Rahmat, Marang. To scale up the programme, ECERDC is facilitating up to 400 acres across nine Terengganu locations for agro-based projects, benefiting over 400 participants. These efforts will further embed Terengganu's reputation as an inclusive and sustainable agriculture pioneer.
Reuters
18-02-2025
- Business
- Reuters
Novo Nordisk alleges fraud after $1.3 billion deal to buy hypertension drug from KBP Biosciences
Feb 18 (Reuters) - Novo Nordisk ( opens new tab is seeking up to $830 million in damages from KBP Biosciences, according to a ruling by a Singapore court, as the Danish drugmaker says it was misled when it bought a new hypertension drug from KBP in 2023. The Singapore International Commercial Court at the request of Novo Nordisk ordered the freezing of the worldwide assets of Singapore-based KBP and its founder Huang Zhenhua, according to the ruling last Friday, which was made public on Tuesday. The court said Novo Nordisk will launch arbitration proceedings against KBP in New York. Novo Nordisk, best known for blockbuster obesity drug Wegovy, and KBP Biosciences did not immediately respond to a request for comment. Huang was not immediately available for comment. The Danish company announced a deal in October 2023 to buy ocedurenone, a drug for uncontrolled hypertension with potential application in cardiovascular and kidney disease, from KBP Biosciences for up to $1.3 billion. However, in June 2024 Novo Nordisk said it was recognising a loss of around 5.7 billion Danish crowns ($800 million) in relation to the drug after adverse clinical trial results. "I am satisfied that Novo has shown that it has a good arguable case against KBP for fraud under New York law, which governs the dispute," Judge Philip Jeyaretnam said in his ruling last Friday. The judge added that it was arguable "KBP knowingly failed to disclose material information", including analysis of trial results which showed ocedurenone's "inefficacy." ($1 = 7.1410 Danish crowns) Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.
