Repligen settles with ImClone in Erbitux lawsuit.Repligen Corporation (Waltham, MA) has reached a settlement with ImClone Systems in the lawsuit against ImClone for infringement of United States Patent 4,663,281 based on ImClone's manufacture and sale of Erbitux. The settlement provides for ImClone to make a payment of $65 million to co-plaintiffs Repligen and The Massachusetts Institute of Technology Massachusetts Institute of Technology, at Cambridge; coeducational; chartered 1861, opened 1865 in Boston, moved 1916. It has long been recognized as an outstanding technological institute and its Sloan School of Management has notable programs in business, (MIT MIT - Massachusetts Institute of Technology ) (Cambridge, MA) and will result in net proceeds Net Proceeds
The amount received after all costs are deducted from the sale of a piece of property or security.
In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to Repligen of approximately $40 million after payment of obligations to MIT and legal expenses. The settlement agreement serves as the basis for Repligen and MIT to dismiss the lawsuit against ImClone and Repligen has granted ImClone a non-exclusive sublicense to certain patent rights.
"We are very pleased by the settlement of this case which will enable us to end this quarter with more than $60 million in cash and cash equivalents," stated Walter C. Herlihy, President and Chief Executive Officer of Repligen Corporation. "We plan to invest the proceeds from the settlement in the growth and expansion of both our CNS See Continuous net settlement.
See continuous net settlement (CNS). product pipeline and our bioprocessing business."
In May 2004, Repligen and MIT filed an action in the United States District Court for the District of Massachusetts The United States District Court for the District of Massachusetts is the Federal district court whose jurisdiction is the Commonwealth of Massachusetts. The first court session was held in Boston in 1789. against ImClone for infringement of United States Patent 4,663,281 based on ImClone's manufacture and sale of Erbitux. The patent, which covers the use of certain genetic elements that increase protein production in a mammalian cell, is assigned to MIT and exclusively licensed to Repligen. Repligen and MIT were represented in the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.
When a person begins a civil lawsuit, the person enters into a process called litigation. by Fish and Richardson P.C.
Repligen is a biopharmaceutical company focused on the development of novel therapeutics for diseases that affect the central nervous system. In addition, we are the world's leading supplier of recombinant Protein recombinant protein Molecular biology A protein encoded by recombinant DNA or generated from a recombinant gene. See Recombinant pharmacology. A, the sales of which partially fund the advancement of our development pipeline while supporting our financial stability.