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ImClone To Pay $65M To End Erbitux Suit

Law360 (September 10, 2007, 12:00 AM EDT) -- ImClone Systems Inc. will shell out $65 million as part of a settlement with Repligen Corp. and the Massachusetts Institute of Technology to resolve Repligen and MIT's 2004 patent suit against Imclone over its cancer treatment Erbitux.

Erbitux was the drug at the center of the insider trading scandal that led to jail sentences for Imclone founder Sam Waksal and for Martha Stewart.

The settlement eliminates the need for a trial, which had been slated to begin Monday in the U.S. District Court for the District...
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