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U College Dublin sues one of its start-ups for shares and damages

By Jesse Schwartz
Published: December 6th, 2017

University College Dublin (UCD) is suing one of its own spinoffs, alleging that the company owes UCD a 15% stake as well as damages for breaches of contract.

Now valued at up to €100 million (over $188M US), Applied Process Company Limited (APC) is on its way to becoming a key player in the global pharma and biotech market with its product, a technology that accelerates the delivery of quality, life-changing medicines to patients. Last year, the company opened new headquarters in Dublin, creating 100 high-skill jobs for chemical engineers, scientists and analysts.

APC co-founders Mark Barrett and Brian Glennon each hold a 50% stake in the company, but UCD asserts that the start-up agreed it would be launched as a campus company and take part in the Campus Company Development Programme managed by NovaUCD, the university’s innovation hub.

APC is expected to argue that no such agreement exists, that it is not a campus company and that UCD is not entitled to any stake. The start-up has not yet commented on the lawsuit. A spokesman for UCD says, “It would not be appropriate for us to comment in advance of the court date.”

Source: Business Irish

Posted under: Tech Transfer e-News

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