ImClone To Pay Abbott $17.5M To Settle Erbitux Suits

Law360, New York (August 11, 2008, 12:00 AM EDT) -- ImClone Systems Inc. has agreed to pay Abbott Laboratories $17.5 million to settle a patent dispute over the cancer drug Erbitux and to withdraw a countersuit accusing Abbott of concealing information pivotal to ImClone’s $65 million settlement of a similar suit with Repligen Corp. last year.

On Aug. 4, 2008, ImClone and Abbott reached an oral settlement to resolve all litigation pending between them, and the U.S. District Court for the District of Massachusetts stayed the two actions until the deal is approved, according to the...
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