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Founder of multimillion dollar biotech company sued over alleged default in $15 million pharmacy purchase

By Louisiana Record reports | Jan 20, 2015

GRETNA – The founder of a multimillion dollar biotech company is being sued after allegedly defaulting on the purchase of a pair of local pharmacies.

Bruce G. Burkenstock Jr. filed suit against Destrehan Drugs Inc., Renaissance Compounding LLC, Tarun Jolly Enterprises LLC and Tarun Jolly, M.D. in the 24th Judicial District Court.

In the lawsuit, the former owner of Destrehan Pharmacy, Bruce Burkenstock, Jr., has alleged Jolly and Renaissance Compounding allegedly entered into an agreement in December 2013 to purchase two Destrehan Pharmacy locations. Burkenstock claims Jolly and another business operated by Jolly, Tarun Jolly Enterprises LLC, were to pay him $15.15 million over a two-year period, but after only four payments defaulted on the contract by only paying him $600,000 when he is actually owed $2,664,740.64. According to the lawsuit, Burkenstock is currently locked in a battle with Jolly to retake control of the Destrehan Pharmacy locations following the alleged default and has filed a restraining order against Jolly and his associates to ensure they do not remove valuables from the pharmacies during the dispute.

Jolly is also the founder of the unaffiliated Renssaince Rx biotech firm that has skyrocketed to success over the past few years with hundreds of millions of dollars in revenues.

Burkenstock seeks to keep Jolly and his associates from converting any assets of the business before he can formally retake possession of the pharmacies, according to the suit filed last Oct. 1.

Burkenstock is represented by attorney Gregory S. LaCour of Metairie.

The case has been assigned to Division G Judge Robert A. Pitre Jr.

Case no. 742-951.

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