AMGEN SETTLES SUIT AGAINST SUBSIDIARY.Byline For the use of the term in football (soccer), see Byline (soccer). The byline on a newspaper or magazine article gives the name, and often the position, of the writer of the article. : Ben Sullivan Daily News Staff Writer Biotechnology giant Amgen Inc. said Wednesday Wednesday: see week. that it will pay $17 million to settle a class-action lawsuit lawsuit: see procedure; tort. filed against one of its subsidiaries. The suit, brought in 1995 by a group of investors in Amgen subsidiary Synergen, claimed that executives at Synergen withheld disappointing news on the performance of an experimental drug so they could sell company stock valued at more than $12 million. After the news was later released, Synergen stock fell 67 percent, wiping See wipe. out much of the value of share options the investors had purchased. Amgen agreed to pay the group $17 million in exchange for them dropping the suit. Under terms of the agreement, should the drug Antril ever make it to market, the settlement could be worth as much as $82 million in royalty payments. Amgen purchased Synergen in December December: see month. 1994, and now owns the rights to Antril. Amgen shares rose $1.18 Wednesday, to close at $55. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion