The gloves have been taken off in the battle over Sirtex Medical, with former Perth scientist Bruce Gray fighting to regain control of the Sydney company.
The gloves have been taken off in the battle over Sirtex Medical, with former Perth scientist Bruce Gray fighting to regain control of the Sydney company.
The gloves have been taken off in the battle over Sirtex Medical, with former Perth scientist Bruce Gray fighting to regain control of the Sydney company.
The legal battle was triggered by the University of Western Australia, which is claiming a beneficial interest in Sirtex’s intellectual property.
During the past month, the legal dispute over intellectual property rights has turned into an unseemly fight for control of the company, which is valued at nearly $100 million.
The boardroom battle is pitting Dr Gray against the company’s new chairman, Richard Hill, and independent director Grant Boyce, who runs Nedlands accounting firm Montrose Partners.
Dr Gray, who has a 31 per cent shareholding (and is also chairman of the Cancer Research Institute, which has a 9 per cent stake) wants to oust his fellow directors from the board.
He has also foreshadowed a cross-claim against Freehills, which he asserts had a conflict of interest.
Freehills was the long-standing legal adviser to Sirtex and acted for both the company and Dr Gray in the early stages of the UWA claim – due to be heard in the Federal Court in Perth next year – but now acts for neither.
Dr Gray has engaged Lavan Legal’s Martin Bennett while Sirtex has engaged Phillips Fox.
UWA has engaged Jackson McDonald to pursue its claim, while the Cancer Research Institute is represented by Tottle Partners.
The origins of the dispute go back to Dr Gray’s term as professor of surgery at UWA during the 1990s.
UWA has claimed an interest in Sirtex’s intellectual property, which was allegedly developed while Dr Gray was employed by the university, and has taken action against Dr Gray, the Cancer Research Institute and Sirtex.
The three defendants maintained a united front until last month, when Sirtex said it would launch a cross-claim against Dr Gray if it lost the substantive court case.
Dr Gray responded by stepping down as chairman but remained a director.
He is now seeking to oust the new chairman, Richard Hill, and Mr Boyce, from the Sirtex board.