Bristol-Myers Shells Out $21M To Settle Orencia Suit

Law360, New York (October 24, 2008, 12:00 AM EDT) -- Bristol-Myers Squibb Co. has agreed to pay $21 million to drug developer ZymoGenetics Inc. to settle a patent lawsuit over Bristol Myers' rheumatoid arthritis drug Orencia, both companies said in regulatory filings Thursday.

ZymoGenetics and Bristol-Myers disclosed the settlement agreement in filings with the U.S. Securities and Exchange Commission. The settlement resolves a suit Seattle-based ZymoGenetics filed against the pharmaceutical giant in 2006.

Under the terms of the agreement, Bristol-Myers will receive a nonexclusive, worldwide license to ZymoGenetics patents for fusion proteins in exchange for the...
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