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ORBIMED ADVISORS, LLC v. QVT FUND LP

2365, 650316/08

72 A.D.3d 521 (2010)

898 N.Y.S.2d 140

ORBIMED ADVISORS, LLC, as Representative of the Former Stockholders of Biosynexus, Inc., Respondent, v. QVT FUND LP, Appellant, et al., Defendant.

Appellate Division of the Supreme Court of New York, First Department.

Decided April 20, 2010.

Plaintiff Orbimed, on behalf of the former stockholders of Biosynexus, Inc., a closely held biopharmaceutical company, seeks a declaration that it is entitled to money in an escrow account pursuant to an agreement that merged Biosynexus into defendant QVT. The merger agreement contained an indemnification clause requiring the stockholders to indemnify QVT for damages relating to any breach of the warranties and representations contained in the merger agreement. The indemnity...

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