Dec 14 2010
Talecris Biotherapeutics Holdings Inc. (Nasdaq: TLCR) announced today that a jury in the General Court of Justice, Superior Court Division, Wake County, North Carolina, rendered a verdict on December 13, 2010 in the amount of $37 million in favor of Plasma Centers of America, LLC, against its subsidiary, Talecris Plasma Resources, Inc., in a breach of contract claim.
Talecris had a three-year Plasma Sale/Purchase Agreement with Plasma Centers of America under which Talecris was required to purchase plasma from plasma collection centers built by Plasma Centers of America and approved by Talecris. Under the terms of the agreement, Talecris had a conditional obligation to purchase the centers for a sum determined by a formula set forth in the agreement. Talecris provided approximately $4 million (excluding accrued interest) in financing related to the development of such centers and advanced payments for unlicensed plasma.
In August 2008, Talecris notified Plasma Centers of America that they were in breach of a Plasma Sale/Purchase Agreement. Talecris terminated the agreement in September 2008. In November 2008, Talecris filed suit in federal court in Raleigh, North Carolina against the G&M Crandall Limited Family Partnership and its individual partners as guarantors of obligations of Plasma Centers of America. Plasma Centers of America filed a parallel state action in January 2009, alleging breach of contract by Talecris.
Talecris is evaluating its response to this verdict, including appeal.
SOURCE Talecris Biotherapeutics Holdings Inc.
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