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S. KOREA'S DAEWOONG TO TAKE LEGAL ACTION AGAINST PFIZER UNIT

Posted on: Mon, 30 Nov 2009 02:56:00 EST

Symbols: WYE, PFE, DGHKF

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SEOUL, Nov 30, 2009 (AsiaPulse via COMTEX) --
WYE | Quote | Chart | News | PowerRating -- South Korean drugmaker Daewoong
Pharmaceutical Co. (KSE:069620)said Monday it will take legal
action against Wyeth Inc., a unit of Pfizer Inc., accusing the
U.S. company of scrapping a joint development project for a new
drug.

The dispute stems from a 2005 deal between Daewoong and
Haptogen Ltd., a biotechnology company in Scotland, to develop
an antibody drug. Since Haptogen was acquired by Wyeth in 2007,
the Pfizer unit has "unilaterally rejected" the project,
according to officials at Daewoong.

Under the 2005 deal, the South Korean government and the
Scottish Development Agency agreed to provide 3 billion won
(US$25.8 million) each to develop the new drug by 2007.

After Wyeth rejected the project, Daewoong claimed it
suffered 6 billion won in lost development costs.

Daewoong said it will ask for arbitration by a court in a
third country to resolve the dispute, without elaborating
further.

"We will sternly deal with the practice by a multinational
drug company," said an official at Daewoong.

Officials at Pfizer's office in Seoul weren't immediately
available for comment.

(Yonhap) cg

For full details on Wyeth (WYE) WYE. Wyeth (WYE) has Short Term PowerRatings at TradingMarkets. Details on Wyeth (WYE) Short Term PowerRatings is available at This Link.

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For full details on (DGHKF) DGHKF. (DGHKF) has Short Term PowerRatings at TradingMarkets. Details on (DGHKF) Short Term PowerRatings is available at This Link.

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