State-backed Malin sued by pharma giant Mallinckrodt
State-backed investment fund Malin is being sued in the US by pharma giant Mallinckrodt in a patents row.
A Malin subsidiary, Altan, has sought approval from US regulators for a paracetamol product administered via infusion.
Mallinckrodt claims this is similar to a product it has called Ofirmev, and that the Malin product infringes four of its patents.
It wants a court order blocking copies until its patents have expired, and to collect cash compensation if copies are made before then, according to a complaint filed last week in a federal court in Wilmington, Delaware.
Darragh Lyons, chief business and financial officer at Malin and a director of Altan, said: "Altan is highly confident that it does not violate the Mallinckrodt patents at issue and plans to vigorously defend its right to enter the US market."
The State is an investor in Malin via the Ireland Strategic Investment Fund. Malin, which focuses on life sciences investments, has had a turbulent time since it listed on the stock market in 2015 at €10 a share. Yesterday the shares were trading around €5.50.
Ian Curley, a former Smurfit Kappa and Ardagh Group executive, was brought in as chairman last year and oversaw a strategic review designed to "refine and refocus the company".
Additional reporting Bloomberg