timeline of betrayal the peter cook years

Taken from Biota announcements


28 October 2005
We filed suit against GSK in May 2004 as we believed we had a strong case that Relenza was not being marketed and commercialised properly.
We remain of that belief. Indeed our confidence in Biota’s legal position has continued to improve during the process.
- John Grant
Mediation has been scheduled by the Court to occur in Melbourne on 9 November. While we are fully prepared for the mediation process, we are not expecting an early settlement, particularly as discovery of GSK documents is not complete.
- John Grant

30 June 2006
I strongly believe that GSK has disadvantaged our shareholders through its failure to meet its obligations under our licensing agreement. Biota has the resolve, the resources and the expertise to see this matter through to completion and our shareholders have every right to expect recompense for their loss from GSK’s underperformance with Relenza.
- Peter Cook

06-Sep-2006
First let me clarify that we’ve taken legal action against GSK not simply for its handling of the early marketing of Relenza. Quite specifically we contend that GSK failed to use its best endeavours to develop the drug and its delivery device, conduct appropriate clinical trials and market it.
- Peter Cook

29 March 2007
“In 2004 Biota sued GSK over its failures with Relenza because we were convinced this was the only way to retrieve the value inherent in the product for our shareholders,” said Peter Cook, CEO, Biota. “In the meantime this has been compounded by GSK’s failure to properly tackle worldwide concerns over the threat of Avian flu.”
“We now believe that behind GSK’s failure to use its best endeavours to develop and market Relenza is systematic failure by GSK in key areas of drug development with disastrous consequences from our point of view as a junior biotechnology company.
This is especially disappointing given the trust that companies such as us must place in our senior development partners,” said Peter Cook. Mr Cook said that Biota trongly contends GSK knew it was in breach of its contract with Biota and that had Biota not taken the decision to litigate against GSK to seek redress, Biota would never have known that GSK had actually taken a clear decision to abandon the drug.
“Biota remains steadfast in its commitment to pursue GSK to redress its failure to do the right thing,” Mr Cook said.

10-Aug-2007
[In 2007, litigation expenses increased to $10.4 million from $4.4 million,]
We’re confident of our case and we’re looking forward to our day in court as soon as possible.
- Peter Cook
[Under the litigation you’ve claimed damages of $564 million to $704 million.
How have you arrived at this value range?]
The lower figure assumes GSK persisted with its inferior, current inhaler. The higher figure assumes the use of a new and improved inhaler.
- Peter Cook

24 October 2007
Our litigation against GSK is and always was going to be, an expensive process. Cumulatively, we have now spent slightly over $20 million on the case. However, the financial damage done to Biota by GSK in not using its “best endeavours in the development and marketing of Relenza” has been immense. Our Further Particulars of Loss and Damage, filed with the Supreme Court on 31 July 2007, set those past and future losses between $564 million and $704 million. The scale of that damage more than warrants such a level of expenditure in our resolve to recover those losses.
- Peter Cook
However, there has been a large volume of information submitted to the Court from ourselves, notably in our Amended Statement of Claim and our Revised Damages, just as there has been in GSK’s defence submission to our Amended Statement of Claim. Within those documents we have seen nothing that diminishes our confidence; quite the reverse.
- Peter Cook
While we fully support the Court’s planned meditation steps, should that not adequately resolve the matter, I assure you that we are looking forward to the matter going on to trial and to “our day in court”.
- Peter Cook

20 February 2008
We remain firm in our commitment”.
- Peter Cook

We are committed to delivering and have the financial resources to achieve the outcome we believe our hareholders are owed.
- Peter Cook
In our Particulars of Loss & Damage lodged with the court in July last year, we estimated the whole-of-life value of our Relenza royalties to be in the range of $564 million to $704 million. From that perspective, you can see why we see value in using shareholder funds to attempt to recover the damage done by GSK in failing, as we claim, to use its best endeavours in the development and marketing of Relenza.
- Peter Cook

24 April 2008
““GSK’s sales for the quarter clearly indicate that the potential stockpiling orders identified in January by their CEO JP Garnier, have not been fulfilled during the quarter. Measured against stated policy intentions, unsatisfied demand for stockpile products remains with a
number of governments including those in the UK and US.”
- Peter Cook

28 May 2008
“It was clear all parties needed more time; the paramount consideration on our side is to be fully prepared for trial.”
- Peter Cook

21 July 2008
[Biota Holdings Limited (ASX:BTA) today announced it had concluded its litigation against GlaxoSmithKline (GSK).
The agreement provides for a payment to Biota of A$20 million, with each party bearing their own litigation costs.]
"All our stakeholders will welcome the redirection of our full resources to our strong and rapidly advancing development pipeline."
- Peter Cook

8 August 2008
"Costs [litigation] in 2008 were in excess of $21 million, far greater than the previous year."
- John Grant