Celgene, Elan enter settlement and license agreement for ABRAXANE

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Feb 24 2011

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Elan Corporation plc (NYSE: ELN) and Celgene Corporation (Nasdaq:CELG), today announced that Elan subsidiary Elan PharmaInternational Limited has entered into a settlement and license agreement with Celgene Corporation resolving the patent infringement litigation involving ABRAXANE®. Elan initiated legal action in 2006 against Abraxis BioScience, Inc. Abraxis was acquired by Celgene (NASDAQ: CELG) in October, 2010.

In consideration of the terms of the settlement and license agreement, Celgene will pay Elan a one-time fee of $78 million. Elan will not receive any additional payments for sales of ABRAXANE®, or any other nab®-Paclitaxel product in the United States or globally. Celgene will acquire a fully-paid up, exclusive, world-wide license to select Elan U.S. and foreign patents for ABRAXANE®.

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Elan Corporation, plc

Posted in: Medical Patent News | Pharmaceutical News

Tags: Abraxane, Biotechnology, Cancer, Gene, Neuroscience, Paclitaxel, Protein

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