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news.PDL BioPharma, a biotech company with a patented process to create humanized antibodies, and MedImmune has entered into a definitive settlement agreement to resolve all legal disputes, including those relating to MedImmune's product Synagis and PDL's patents known as the Queen et al patents.
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Under the settlement agreement, PDL paid MedImmune $65m on 15 February 2011 and will pay $27.5m by 10 February 2012 for a total of $92.5m.
MedImmune has not paid royalties to PDL on sales of Synagis that occurred after 30 September 2009.
No further payments will be owed by MedImmune to PDL under its license to the Queen et al patents as a result of past or future Synagis sales.
As part of the settlement agreement, MedImmune has agreed not to challenge or assist other parties in challenging the Queen et al. patents.