This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tekmira Sues Alnylam Pharmaceuticals For Repeated Misuse Of Trade Secrets And Confidential Information

Complaint Also Alleges Unfair and Deceptive Trade Practices, Unjust Enrichment, Unfair Competition and False Advertising about Tekmira's Proprietary Lipid Nanoparticle (LNP) Technology

Conference Call at 5:00 pm Eastern Time Today to Discuss Lawsuit

VANCOUVER, British Columbia, March 16, 2011 (GLOBE NEWSWIRE) -- Tekmira Pharmaceuticals Corporation (Nasdaq:TKMR) (TSX:TKM), a leading developer of RNA interference (RNAi) therapeutics, has filed a complaint against Alnylam Pharmaceuticals, Inc. for misappropriation and misuse of trade secrets, know-how and other confidential information, unfair and deceptive trade practices, unjust enrichment, unfair competition and false advertising. The suit, filed in the Business Litigation Session (BLS) of the Massachusetts Superior Court, alleges Alnylam exploited its confidential relationship as a collaborator with Tekmira to engage in inappropriate and harmful conduct concerning Tekmira's proprietary lipid nanoparticle (LNP) siRNA delivery technology, resulting in damage to Tekmira's intellectual property and business interests.

A full copy of the legal complaint can be accessed through the company's website at . In summary, the complaint states that Alnylam has harmed Tekmira and its shareholders by:
  • misappropriating confidential information, including trade secrets and other commercially valuable information from Tekmira;
  • disclosing Tekmira's step-by-step LNP formulation manufacturing instructions to at least one third-party collaborator;
  • incorporating Tekmira's confidential information into Alnylam's patent filings and claiming ownership in direct violation of a licensing agreement between the two companies;
  • willfully and knowingly misusing Tekmira's confidential information for Alnylam's own enrichment; and,
  • engaging in other unfairly competitive, deceptive and misleading actions in their public disclosures such as claiming Tekmira's technology as their own.

The damages that Tekmira will be seeking are substantial.  Among these damages, Tekmira believes it has rights to Alnylam's pipeline products.  These damages, including future milestones and royalties associated with these products alone could exceed one billion dollars. In addition, Tekmira will also seek the profits that Alnylam has unjustly received from collaborations based on the wrongful use of Tekmira's technology. All of this will be subject to what Tekmira learns in discovery in prosecuting this case, but even at this early stage, Tekmira believes that it is entitled to very significant damages by reason of Alnylam's illegal conduct as alleged in the complaint.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 0.21%
FB $116.73 0.00%
GOOG $691.02 0.00%
TSLA $247.54 -0.07%
YHOO $36.59 0.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs