TYK Medicines files dual court actions to invalidate alleged TY-9591 agreements with Sichuan Huiyu Pharmaceutical

Bulletin Express07-22 23:00

TYK Medicines, Inc. (TYK Medicines) has initiated legal proceedings in the People’s Court of Changxing County, seeking judicial confirmation that a purported cooperation agreement and distribution agreement with Sichuan Huiyu Pharmaceutical Co., Ltd. (Huiyu) related to the oncology asset TY-9591 were never formed and are invalid.

Huiyu has lodged a separate case in the People’s Court of Neijiang City Shizhong District concerning the same set of documents. Both lawsuits have been formally accepted by the respective courts but have yet to enter the hearing stage.

According to TYK Medicines’ board of directors, preliminary advice from its PRC legal adviser indicates reasonable grounds to contest the agreements’ formation and validity. Management states that, as of the announcement date, the litigation has not exerted any material adverse impact on the Group’s overall business, operations or cash-flow position, and day-to-day activities remain normal.

The board will continue to monitor the proceedings, pursue all necessary measures to safeguard corporate interests and issue further disclosures upon any significant developments. Shareholders and potential investors are advised to exercise caution when trading the company’s securities.

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