LAWSUITS NEWS & LEGAL INFORMATION
ImClone Systems Inc.
Waltham, MA: (Sep-10-07) Repligen Corp., a Waltham-based drug developer, brought a patent infringement lawsuit against drug maker ImClone Systems Inc. The patent in question covered the use of certain genetic elements that increase protein production in a mammalian cell, according to Repligen. The company and the Massachusetts Institute of Technology filed suit against ImClone in 2004 for using the patented technology in the production of anti-cancer drug Erbitux.
In a settlement reached, New York-based ImClone agreed to pay $65 million to resolve the lawsuit. ImClone reports the lump sum payment of $65 million ends a lawsuit linked to a patent held by the Massachusetts Institute of Technology and licensed exclusively to Repligen. The payment also gives ImClone a worldwide sublicense to the patent in question. Repligen officials stated that the settlement would result in net proceeds of $40 million after the company pays the Massachusetts Institute of Technology its portion and covers legal expenses. With the proceeds of the settlement, the company should end its third quarter with $60 million in cash. [MASS HIGH TECH: ERBITUX PATENT]
Published on Sep-12-07
In a settlement reached, New York-based ImClone agreed to pay $65 million to resolve the lawsuit. ImClone reports the lump sum payment of $65 million ends a lawsuit linked to a patent held by the Massachusetts Institute of Technology and licensed exclusively to Repligen. The payment also gives ImClone a worldwide sublicense to the patent in question. Repligen officials stated that the settlement would result in net proceeds of $40 million after the company pays the Massachusetts Institute of Technology its portion and covers legal expenses. With the proceeds of the settlement, the company should end its third quarter with $60 million in cash. [MASS HIGH TECH: ERBITUX PATENT]
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