Novo Nordisk A/S v KBP Biosciences: Worldwide Mareva Injunction for New York Arbitration

In [2025] SGHC(I) 3, Novo Nordisk A/S applied ex parte to the Singapore International Commercial Court for a worldwide freezing order against KBP Biosciences Pte. Ltd. and Huang Zhenhua in support of a New York-seated arbitration. Novo claimed it was misled into acquiring Ocedurenone under an Asset Purchase Agreement. Philip Jeyaretnam J granted the worldwide freezing order and ancillary disclosure orders, finding a good arguable case for fraud and a real risk of asset dissipation. The application for confidentiality orders was denied, and costs were reserved.

1. Case Overview

1.1 Court

Singapore International Commercial Court

1.2 Outcome

Worldwide freezing order granted; ancillary orders concerning disclosure of assets also granted; application for confidentiality orders denied; costs reserved.

1.3 Case Type

Civil

1.4 Judgment Type

Ex Tempore Judgment

1.5 Jurisdiction

Singapore

1.6 Description

Novo Nordisk sought a worldwide Mareva injunction against KBP Biosciences and Huang Zhenhua to prevent asset dissipation during a New York-seated arbitration.

1.7 Decision Date

2. Parties and Outcomes

Party NameRoleTypeOutcomeOutcome TypeCounsels
Novo Nordisk A/SClaimantCorporationWorldwide freezing order grantedWon
KBP Biosciences Pte. Ltd.DefendantCorporationWorldwide freezing order grantedLost
Huang ZhenhuaDefendantIndividualWorldwide freezing order grantedLost

3. Judges

Judge NameTitleDelivered Judgment
Philip JeyaretnamJudge of the High CourtYes

4. Counsels

Counsel NameOrganization
Ong Tun Wei DannySetia Law LLC
Teo JasonSetia Law LLC
Zhang Haowei ElvisSetia Law LLC

4. Facts

  1. Novo sought a worldwide freezing order against KBP and Dr. Huang.
  2. The application supports a New York-seated arbitration for US$830m damages.
  3. Novo claims it was misled into acquiring Ocedurenone under an APA.
  4. KBP allegedly failed to disclose material information about Ocedurenone's inefficacy.
  5. Transfers totaling US$339.1m from KBP to its holding company occurred around the time of closing.
  6. KBP declared US$578.5m in dividends.
  7. KBP has a fixed deposit account with DBS Bank Ltd holding US$218m.

5. Formal Citations

  1. Novo Nordisk A/S v KBP Biosciences Pte Ltd and another and another matter, Originating Application No 3 of 2025 and Summons No 11 of 2025, [2025] SGHC(I) 3

6. Timeline

DateEvent
Asset Purchase Agreement signed
Judgment issued
Originating Application No 3 of 2025 and Summons 11 of 2025 filed

7. Legal Issues

  1. Worldwide Mareva Injunction
    • Outcome: The court granted the worldwide Mareva injunction.
    • Category: Procedural
    • Related Cases:
      • [2015] 5 SLR 558
  2. Fraud
    • Outcome: The court found that Novo had a good arguable case against KBP for fraud under New York law.
    • Category: Substantive

8. Remedies Sought

  1. Worldwide Mareva Injunction
  2. Damages

9. Cause of Actions

  • Fraud

10. Practice Areas

  • Commercial Litigation
  • Arbitration

11. Industries

  • Pharmaceuticals

12. Cited Cases

Case NameCourtAffirmedCitationJurisdictionSignificance
Bouvier, Yves Charles Edgar and another v Accent Delight Internation Ltd and another and another appealN/ANo[2015] 5 SLR 558SingaporeCited for the requirements to obtain a worldwide Mareva injunction.
Motorola Credit Corpn v Uzan and others (No 2)English Court of AppealYes[2003] EWCA Civ 752England and WalesCited for the principle of being supportive of the processes of the primary adjudicator in cases of potential international fraud.

13. Applicable Rules

Rule Name
Singapore International Commercial Court Rules 2021, O 18 r 1

14. Applicable Statutes

Statute NameJurisdiction
International Arbitration Act 1994Singapore
Supreme Court of Judicature Act 1969Singapore

15. Key Terms and Keywords

15.1 Key Terms

  • Worldwide freezing order
  • Mareva injunction
  • Ex parte application
  • Asset Purchase Agreement
  • Ocedurenone
  • Dissipation of assets
  • International Arbitration Act
  • International Chamber of Commerce
  • Emergency Arbitrator Rules

15.2 Keywords

  • Mareva injunction
  • worldwide freezing order
  • arbitration
  • fraud
  • asset dissipation
  • Singapore International Commercial Court

17. Areas of Law

Area NameRelevance Score
Mareva Injunctions95
Worldwide Freezing Order80
Arbitration70
International Arbitration65
Fraud and Deceit60
Contract Law50
Ancillary disclosure orders50
Civil Procedure40
Confidentiality Orders30
Duty of Candour30
Estoppel25

16. Subjects

  • Arbitration
  • Civil Procedure
  • Injunctions