Burnaby-based Tekmira Pharmaceuticals Corp. (Nasdaq:TKMR, TSX:TKM) is suing Alnylam Pharcameuticals, Inc. over allegations that company trade secrets were stolen and will be seeking damages of more than $1 billion.
Tekmira announced yesterday that it is suing Alnylam for misappropriation and misuse of trade secrets, know-how and other confidential information; unfair and deceptive trade practices; unjust enrichment; unfair competition; and deceptive trade practices.
The suit, filed in Massachusetts Superior Court, stems from a collaboration between the two companies.
According to Tekmira’s press release, the case alleges that Alnylam exploited that collaborative relationship to engage in inappropriate and harmful conduct concerning Tekmira’s proprietary lipid nanoparticle siRNA delivery technology, resulting in damage to Tekmira’s intellectual property and business interests.
“Tekmira’s goal for this litigation is to regain – as soon as possible – control over our proprietary LNP technology and preserve its full value,” Tekmira president and CEO Mark Murray said in the release.
“We believe this is the right and only course of action to achieve our goal, and we are fully committed and prepared to pursue this lawsuit until we have a fair and satisfactory resolution.”
Tekmira’s release noted that the company will be seeking “substantial” damages. It said that Tekmira believes it has rights to Alnylam’s pipeline products, which it assesses could exceed $1 billion. Tekmira is also seeking profits that it alleges Alnylam “unjustly” received from collaborations.
When contacted by BIV, a Tekmira spokesman said the company would not be commenting further at this time.
Alnylam was not immediately available for comment.