Financial-control allegations are at the center of a lawsuit involving two Lee's Summit specialty pharmaceutical companies and their co-founder and CEO.
The Kansas City Business Journal reported that the lawsuit accuses the companies’ co-founder and CEO of using company funds for personal expenses.
In 2021, pharma& acquired a 50 percent stake in Heritage Biologics. O'Neill is Heritage Biologics' owner and CEO.
The Alleged $47 Million Transfer
The Business Journal reported that the lawsuit alleges a $47 million transfer involving company funds.
The lawsuit also alleges that O'Neill transferred company funds.
Heritage Biologics' Origins
O'Neill co-founded the company in Lee's Summit in 2014 to focus on rare disease specialty pharmacy care.
Summit SD is a clinician-led wholesale pharmaceutical distributor based in Lee's Summit.
Pharma& Products
Pharma& has Pegasys products.
What FDA Records Establish
The FDA-approved Rubraca label identifies Summit SD, LLC, at its Lee's Summit address as the drug's distributor, according to the U.S. Food and Drug Administration. That label documents Summit SD's role for Rubraca; it does not provide comparable details about Pegasys distribution or shortage status.
Both companies are based in Lee's Summit, according to the Lee's Summit Chamber of Commerce.
In 2021, pharma& acquired a 50 percent stake in Heritage Biologics.
The dispute's impact on the companies' operations remains unclear.
