Sfbc (NASDAQ:SFCC)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Sfbc Charts. Click Here for more Sfbc Charts.](/p.php?pid=staticchart&s=N%5ESFCC&p=8&t=15)
SFBC International, Inc. (NASDAQ:SFCC), a provider of
drug development services to branded pharmaceutical, biotechnology,
generic drug and medical device companies, said today it will
vigorously defend a lawsuit seeking to terminate a ground lease on a
portion of its Miami facility. In addition, the company said its
counsel believed the lawsuit is without merit.
"In this case, the landlord-lessor is attempting to misapply
language in a 59-year-old document to achieve an unconscionable
windfall," said company attorney Thomas Tew, senior partner based in
the Miami office of Tew Cardenas LLP.
The company stated the lawsuit was based on issues related to its
Miami facility, all of which the company has previously disclosed and
has been actively addressing with Miami-Dade officials. The company
said one of its subsidiaries has been named as a defendant in a
declaratory judgment action filed in Miami-Dade County Circuit Court
by East Bay Corporation. East Bay owns a 99-year land lease for a
portion of the property on which SFBC conducts certain operations in
Miami. In the lawsuit, East Bay alleged that the terms of the lease
had been violated and that it was entitled to immediate possession and
full ownership of the land, as well as the building now owned and
operated by SFBC International.
The land lease involves the company's South building containing 51
beds, SFBC's clinical laboratory and its offices, a portion of the
annex and part of the parking for the Property. SFBC purchased the
North building, the annex, the South building and remaining land used
for parking in February 2004. Other than the land and structures
covered by the Land Lease, all of the remaining land and structures
are owned by SFBC. The land owned by SFBC consists of approximately
122,000 square feet; it also owns approximately 37,000 square feet
immediately to the north. The land subject to the land lease is
approximately 125,000 square feet. Under the existing terms of the
Lease, SFBC pays East Bay an annual rent of approximately $16,000
subject to future escalations. Clinical trials are conducted in both
the North and South buildings.
The land lease was originally entered into in January 1947 between
East Bay and Ocean Freeze Corporation for a term of 99 years. SFBC
International's subsidiary is a successor to that agreement.
About SFBC International, Inc.
SFBC International, Inc. provides early and late stage clinical
drug development services to branded pharmaceutical, biotechnology,
generic drug and medical device companies around the world. SFBC has
more than 30 offices located in North America, Europe (including
Central and Eastern Europe), South America, Asia, and Australia. In
early clinical development services, SFBC specializes primarily in the
areas of Phase I and early Phase II clinical trials and bioanalytical
laboratory services, including early clinical pharmacology. SFBC also
provides late stage clinical development services globally that focus
on Phase II through IV clinical trials. SFBC also offers a range of
complementary services, including data management and biostatistics,
central laboratory services, medical and scientific affairs,
regulatory affairs and submissions, and clinical IT solutions.
Additional information is available on SFBC's website at
http://www.sfbci.com.