PDL BioPharma, Inc. today announced that PDL and MedImmune, LLC have entered into a definitive settlement agreement that resolves all legal disputes between them, including those relating to MedImmune's product Synagis® and PDL's patents known as the Queen et al. patents.
Under the settlement agreement, PDL paid MedImmune $65 million on February 15, 2011 and will pay $27.5 million by February 10, 2012 for a total of $92.5 million. MedImmune has not paid royalties to PDL on sales of Synagis that occurred after September 30, 2009. No further payments will be owed by MedImmune to PDL under its license to the Queen et al. patents as a result of past or future Synagis sales. As part of the settlement agreement, MedImmune has agreed not to challenge or assist other parties in challenging the Queen et al. patents.