866 Patent Settlement

New York, NY: (Dec-07-07) Yeda Research and Development Company Ltd. brought charges against ImClone Systems, Inc. and Sanofi-Aventis, alleging that the companies infringed on its patents. As part of a settlement reached, the parties agreed that Yeda is the sole owner of the 866 Patent in the US and that Yeda and Sanofi-Aventis are co-owners of the 866 Patent's foreign counterparts. Additionally, both ImClone and Sanofi-Aventis agreed to pay Yeda $60.0 million each, in cash for full and final settlement of the claims and counterclaims in the matter. As part of the agreement, ImClone shall be granted a worldwide license to technology patented under the 866 Patent. ImClone also stated that it would make a contingent payment to Yeda of a low single-digit royalty on sales in and outside of the US and would pay Sanofi-Aventis a low single-digit royalty on sales outside US. ImClone's worldwide royalty rate for ERBITUX sales pursuant to the settlement agreement remains unchanged. [YAHOO: 866 PATENT INFRINGEMENT]

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Published on Dec-11-07