| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Irish Last Updated: Jul 26, 2012 - 9:18 AM


Ireland's United Drug subject of lawsuit in the US for breach of confidentiality
By Finfacts Team
Jul 26, 2012 - 7:25 AM

Email this article
 Printer friendly page

Ireland's United Drug, the pharmaceutical-services company quoted on the Irish Stock Exchange, is the subject of a lawsuit in the US which says the chief executive said on an analyst conference call last November, that a rival was for sale and added that the competitor, part of Blackstone Group LP, was underperforming.

The Wall Street Journal reports that last summer Blackstone, the large private equity firm, was trying to sell its company, Catalent Pharma Solutions Inc., a US commercial pharmaceutical-packaging business,  and the lawsuit says that Sharp Corp., a US division of United Drug Plc, indicated its interest in buying the business, potentially for $80m.

The Journal says United Drug CEO Liam FitzGerald said on two public conference calls in November that the unit was for sale. The comments were made in his introductory remarks.

"We are also benefiting from the fact that the third player in the market, Catalent, is currently going through a sale process and has been underinvested through its private-equity owners over the last couple of years, and as a result of those two changes we are picking up a lot of clients from that business," FitzGerald said on one of the calls, according to a transcript. "So we are down to, really, a two-player market in the US market."

Catalent on July 10 filed suit in the US District Court for the Southern District of New York, alleging Sharp and United Drug breached a confidentiality agreement and damaged the sale process for its division. The business was sold last month to private-equity firm Frazier Healthcare Ventures at a price Catalent said was less than the $80m United Drug had signaled it might be willing to pay, the suit says.

The Journal reports a United Drug spokeswoman said the company "strongly refutes" the allegations against the parent company and its subsidiary. "In all its dealings, the United Drug group always acts with complete integrity, and it isn't in breach of any of its obligations to Catalent Pharma Solutions. Accordingly, United Drug will be defending its position vigorously," the spokeswoman added.

Vigorously? We'll see!

Check out our new subscription service, Finfacts Premium , at a low annual charge of €25 - - if you are a regular user of Finfacts, 50 euro cent a week is hardly a huge ask to support the service.

It's a simple fact that in the prevailing economic climate, the provision of high quality content cannot be sustained through advertising alone. 

Business executives who put a premium on time and value high quality information, should use our service.

Related Articles
Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

Irish
Latest Headlines
Ryanair revises up full-year profit guidance
AIB bank profitable in third quarter
Ryanair announces half-year profits up 32% to €795m
Ryanair benefits from improved customer service
Ryanair to buy 100 new Boeing 737 MAX 200
Finfacts server migration Thursday
State-owned Allied Irish Banks reports H1 2014 profit as bad loan charges plunge
Ryanair reports profit in its financial first quarter soared 152%
UK firm opens van dealership in Dublin
Ryanair reports 8% fall in full-year profit; US services to commence in 2019
Global Financial Centres Index: New York overtakes London; Dublin slips to 66 of 83 cities
Bank of Ireland reports “significant” improvement in 2013 results
Sale process of IBRC UK projects Rock and Salt completed
CRH says 2014 will be year of profit growth after reporting 2013 loss
Ryanair reports third-quarter loss
Irish Water says it saved €100m in setup costs
RSA Insurance fires two Irish executives for large loss/ accounting irregularities
Bank of Ireland will have to raise provisions by €1.4bn; AIB says it's "well capitalised"
CRH reports slightly improved third quarter
Central Bank says ownership of Newbridge Credit Union transferred to permanent tsb
Ryanair reports H1 profits rose by 1% to €602m
Dublin Web Summit: Irish Stock Exchange and NASDAQ OMX announce dual listing plan
Irish pension managed funds returned to growth during September
Dan O’Brien resigns as economics editor of The Irish Times
Central Bank says no action required on Anglo tapes revelations
Ryanair flew 9m passengers and Aer Lingus carried 1.1m in August
UK Competition Commission says Ryanair must cut Aer Lingus stake to 5%
CRH reports H1 2013 revenue dip and loss
Vodafone refunded UK after discovery of Irish tax haven deal
RBS reports half year profit; Ulster Bank posts reduced loss
Bank of Ireland cuts pretax losses in HI 2013 to €504m
Irish State-owned Allied Irish Banks reports losses of €758m in H1 2013
Service Announcement
Irish managed pension funds declined in June
VHI reports 2012 surplus of €54.3m; Health insurance made loss
Ex- Elan director says management / board "not competent to run a business"
Aer Lingus to put €140m in employees pensions fund; Ryanair apoplectic
Wednesday Newspaper Review - Irish Business News and International Stories - - May 22, 2013
Tuesday Newspaper Review - Irish Business News and International Stories - - May 21, 2013
Ryanair, Europe’s biggest low cost carrier, announced Monday record annual profits of €569m - - up 13%