ImClone Settles Patent Dispute for $65 Million
ImClone Systems
(IMCL)
said Monday that it agreed to pay $65 million in a lump sum to the Massachusetts Institute of Technology and
Repligen
(RGEN) - Get Report
in patent-related settlement and sublicensing agreements.
The settlement ends litigation related to ImClone's cancer drug Erbitux and a patent that MIT owns and licenses exclusively to Repligen. In addition, Repligen granted ImClone a sublicense for future use of other patented technology, including a patent over which
Abbott Laboratories
(RGEN) - Get Report
sued ImClone earlier this year.
Repligen expects about $40 million in net proceeds from the settlement after a portion is directed to MIT.
Shares of ImClone were up 29 cents, or 0.8%, to $37.03 Monday, while shares of Repligen slid 80 cents, or 16%, to $4.21.