CAT And Abbott Settle Humira Royalties Dispute

Law360, New York (October 26, 2005, 12:00 AM EDT) -- Cambridge Antibody Technologies and Abbott Laboratories have ended their protracted dispute over royalties for cholesterol drug Humira, reaching a settlement just one day before a lawsuit was scheduled to begin.

Abbott will pay U.K. biotech company CAT $255 million up front, to be supplemented by five annual payments of $9.375 million beginning in January 2006.

CAT will distribute the $255 million to its licensors, including the Medical Research Council, Scripps Institute, and Stratagene, as payment for the royalties the companies stood to collect. The licensors will...
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