ProPharma Sues Insurers For €9M Over Soured Acquisition

Law360, London (January 4, 2021, 5:00 PM GMT) -- ProPharma has sued a group of Lloyd's of London underwriters for almost €9 million ($11 million) under an acquisition indemnity policy, after the life sciences company said it was misled about the value of a biopharmaceutical consultancy business it bought.

ProPharma Group said in a Dec. 18 filing at the High Court that has just been made public that seven Lloyd's syndicates owe it a total of €8.8 million under a warranty and indemnity policy that the company took out in July 2018.

ProPharma, which provides regulatory and medical information services to pharmaceutical companies, said it took out the insurance with Hunter George...

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