[THE INVESTOR] Biotech firm Seegene said on July 21 it may sue medical-test maker Beckman Coulter for unilaterally terminating a supply contract signed in 2014.

According to Seegene, the two companies had been “actively discussing product development and subsequent business processes,” but Beckman Coulter abruptly broke off the deal, saying that its parent company Danaher has decided to withdraw from the molecular diagnosis business. 

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Seegene, which develops molecular test assays and equipment, said it was confused by the sudden move because it occurred just before the completion of the successful product development and launch.

“We plan to discuss the matter with Beckman Coulter about the compensation for contract termination, as our technology and product development has shown no flaws,” said a Seegene official. “We will also consider taking legal action.”

Seegene shares plunged as much as 17.23 percent as of 1:40 p.m. on the news.

By Park Han-na (hnpark@heraldcorp.com)