Active Biotech AB and PowderJect Pharmaceuticals Plc settle dispute.
NORDIC BUSINESS REPORT-1 April 2004-Active Biotech AB and PowderJect Pharmaceuticals Plc settle dispute(C)1994-2004 M2 COMMUNICATIONS LTD http://www.m2.com
The Swedish company Active Biotech AB said on Thursday (1 April) that it had settled a dispute with the United Kingdom company PowderJect Pharmaceuticals Plc, part of the US group Chiron Corporation Inc.
The dispute related to certain guarantees in the agreement for PowderJect Pharmaceuticals' acquisition of SBL Vaccin AB from Active Biotech in 2001.
Under the settlement agreement PowderJect Pharmaceuticals has agreed to withdraw its USD20m claim and to waive the disputed guarantees.
For its part Active Biotech has agreed to reduce its milestone payment demand to USD4.5m and to waive all further royalty and milestone payments.
One US dollar (USD) is worth approximately 0.547 British pounds (GBP).
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|Publication:||Nordic Business Report|
|Article Type:||Brief Article|
|Date:||Apr 1, 2004|
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