Wednesday, Jun 11, 2008
South San Francisco, Calif. -- June 11, 2008 --Genentech, Inc. (NYSE: DNA) announced today that it has settled its patent litigation with MedImmune, Inc. involving the Cabilly patent (U.S. Patent No. 6,331,415), which is co-owned by Genentech and City of Hope and relates in part to methods of producing antibodies.
Under the terms of the settlement agreement, the litigation, which was pending before the U.S. District Court for the Central District of California, has now been fully resolved and dismissed. The settlement resolves disputed issues with respect to MedImmune's marketed product Synagis® (palivizumab) as well as a related product (motavizumab) for which MedImmune is seeking regulatory approval. The settlement also permits MedImmune to obtain licenses for certain additional pipeline products under the Cabilly patent family.
MedImmune filed its original complaint in April 2003. Following a U.S. Supreme Court decision in January 2007, the case was returned to the lower courts for further proceedings.
Financial terms of the settlement were not disclosed. In connection with this settlement and the associated licenses, Genentech is not updating its forecasted royalty revenue.
Founded more than 30 years ago, Genentech is a leading biotechnology company that discovers, develops, manufactures, and commercializes medicines for patients with significant unmet medical needs. The company has headquarters in South San Francisco, California, and is listed on the New York Stock Exchange under the symbol DNA. For additional information about the company, please visit http://www.gene.com
This press release contains a forward-looking statement regarding Genentech's royalty revenue. Such statement is a prediction and involves risks and uncertainties that could cause actual results to differ materially from those predicted in such forward-looking statement. Such risks and uncertainties include, but are not limited to, our ability to protect our proprietary rights; the outcome of litigation or other legal proceedings; variations in collaborator sales; the failure or refusal of a licensee to pay royalties; and changes to the terms of licensing contracts. Please also refer to Genentech's periodic reports filed with the Securities and Exchange Commission. Genentech disclaims, and does not undertake, any obligation to update or revise forward-looking statements in this press release.