Biogen Idec Pays $20M To Settle Patent Suit With Corixa, GSK

Law360, New York (March 1, 2004, 12:00 AM EST) -- Biogen Idec agreed to pay $20 million to settle its outstanding patent litigation with rival Corixa and its marketing partner, GlaxoSmithKline, over patents for a cancer drug, the companies said Monday.

Under the settlement, Biogen Idec will pay a $20 million upfront settlement payment to Corixa and GlaxoSmithKline.

Biogen Idec will also pay a one-time milestone payment based on future Zevalin sales performance, and royalty payments on Zevalin sales from January 1, 2004 until all Bexxar patents expire.

Corixa and GlaxoSmithKline will also enter into a...
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