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NeoPharm and Pharmacia settle cancer patent arbitrations.

NeoPharm, Inc. (Lake Forest, IL) has reached an agreement with Pharmacia Corporation (Bedminster, NJ) and Pharmacia and Upjohn, Inc., to settle pending lawsuits in Delaware Chancery Court regarding who the proper parties are in the ongoing arbitration initiated by NeoPharm in April 2002. Specifically, following NeoPharm's initiation of the arbitration, Pharmacia and PNU, Inc. filed a lawsuit against NeoPharm in Delaware Chancery Court seeking a declaration that they were not bound to arbitrate certain disputes with NeoPharm. In their lawsuit, Pharmacia and PNU, Inc. claimed that neither PNU, Inc., the parent of the Pharmacia subsidiary that entered into the License Agreement (Pharmacia and Upjohn Company), nor Pharmacia Corporation, as the ultimate parent company, were proper parties to the ongoing arbitration between NeoPharm and Pharmacia and Upjohn Company. As a result of the agreement, NeoPharm will continue with its ongoing arbitration claim against Pharmacia and Upjohn Company, but will not proceed against the parent companies in the arbitral forum. NeoPharm, however, has reserved the right to pursue claims against Pharmacia and PNU, Inc. in a court proceeding. NeoPharm is satisfied that Pharmacia and Upjohn Company has sufficient assets to pay out any potential award to NeoPharm that may result from the arbitration hearing.

The arbitration proceedings arose out of a License Agreement dated February 19, 1999 between NeoPharm and Pharmacia and Upjohn Company under which Pharmacia and Upjohn Company assumed responsibility for developing LEP (Liposomal Paclitaxel) and LED (Liposomal Doxorubicin), two of NeoPharm's anti-cancer compounds. The arbitration hearing is scheduled to begin on May 28, 2003.

NeoPharm is a publicly traded biopharmaceutical company dedicated to the research, development and commercialization of new and innovative cancer drugs for therapeutic applications. The Company has a broad portfolio of cancer compounds in various stages of development.

NeoPharm, Inc.

+1-847-295-8678

www.neophrm.com
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Publication:BIOTECH Patent News
Geographic Code:1USA
Date:Mar 1, 2003
Words:298
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