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news.Repligen has reached a settlement with Bristol-Myers Squibb in its lawsuit alleging infringement of US patent, based on Bristol-Myers Squibb's sale of Orencia for the treatment of rheumatoid arthritis.
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The settlement provides for Bristol-Myers Squibb to make an initial payment of $5 million and to pay royalties on the US net sales of Orencia for any clinical indication at a rate of 1.8% for the first $500 million of annual sales, 2% for the next $500 million of annual sales and 4% for US annual sales in excess of $1 billion for each year from January 1, 2008 until December 31, 2013.
The settlement also provides for the grant by Repligen and co-plaintiff the University of Michigan to Bristol-Myers Squibb of an exclusive worldwide license under certain patent rights of Repligen and the University of Michigan. The settlement serves as the basis for Repligen and co-plaintiff the University of Michigan to dismiss the lawsuit against Bristol-Myers Squibb.
Walter Herlihy, president and CEO of Repligen, said: “Based on analysts’s estimates of US sales of Orencia, we expect total cash receipts from our Protein A business, Orencia royalties, research and development and other income of greater than $30 million for fiscal year 2009, beginning April 1, 2008.”