VaxGen Receives $11M Consolation Prize

Law360, New York (April 5, 2007, 12:00 AM EDT) -- The U.S. government, which recently terminated an $877.5 million contract with VaxGen Inc., has agreed to pay the biotechnology company $11 million and not hold it liable for the excess costs of procuring an anthrax vaccine.

Under the terms of the contract, which was awarded in 2004, VaxGen was supposed to provide 75 million doses of a modern anthrax vaccine for civilian biodefense. However, the company failed to demonstrate that its vaccine maintained potency, and it also failed to meet certain deadlines.

As a result, the...
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