University College Dublin has launched legal proceedings against Applied Process, co-founded by two of its professors, for a stake in the company.

University College Dublin (UCD) is suing Applied Process, an Ireland-based pharmaceutical business set up by professors Brian Glennon and Mark Barrett, alleging that the institution is owed a 15% stake, the Irish Independent wrote on Sunday.

NovaUCD, the university’s innovation arm, has joined the suit alongside University College Dublin.

Glennon and Barrett, who are both faculty at UCD and serve as chief technology officer and chief executive of Applied Process respectively, currently each own 50% of the company, which was founded in 2011 and is currently valued at €100m ($118m).

The legal proceedings began yesterday in the fast track Commercial Court. On top of pursuing a share in the company, UCD is also suing for damages for alleged breaches of contract, fiduciary and misrepresentation.

UCD asserts that it had an agreement with Applied Process that the business would be launched as a spinout and that it would take part in the NovaUCD Campus Company Development Programme. Applied Process is expected to argue against all of these points.