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news.Biota Holdings has concluded its litigation against GlaxoSmithKline. The announcement followed formal mediation between by the parties ordered by the Victorian Supreme Court.
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The agreement provides for a payment to Biota of A$20 million, with each party bearing their own litigation costs. The payment will be made on August 18, 2008. The existing master agreement between the parties remains unchanged.
Biota and GlaxoSmithKline (GSK) have agreed to normalize their relationship to pursue the best interests of Relenza, with senior executive liaison and co-operation between the companies to be restored and strengthened. The focus will be on developing the Relenza franchise particularly in the important market of pre-pandemic influenza risk management, an area of considerable concern to both governments and business.
Andrew Witty, CEO of GlaxoSmithKline, said: “We are pleased to have reached a settlement that is satisfactory for both companies and brings an end to this litigation. GSK remains committed to working collaboratively with external organisations and biotech companies, such as Biota, in our ongoing efforts to bring innovative medicines and vaccines to patients.”