MGI Pharma Inc. and Molecular Genetics Research Inc., a whollyowned subsidiary that functions as the general partner forMolecular Genetics Research and Development L.P., have beensued by two limited partners.
The suit, filed Sept. 12 in the U.S. District Court in HennepinCounty, Minn., alleges breach of fiduciary responsibility in thedevelopment and sale of certain plant and animal technologies.
The plaintiffs haven't specified what damages they arerequesting, said MGI spokeswoman Lori Weiman. The companysaid it will defend itself against the claims.
Minneapolis-based MGI formed the partnership in 1982 todevelop animal vaccines and plant technology, selling 74 unitsfor $150,000 each. Two of the three vaccines being developedfailed, and a third was sold for a nominal fee, Weiman said. Acorn hybrid developed by the partnership was sold toBioTechnica International Inc., along with MGI's plant business,and the partnership has royalty rights to the hybrid.
MGI stock (NASDAQ:MOGN) closed at $10.63 on Thursday, up 75cents. -- KB
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