Monday, Jun 29, 1998
New York and South San Francisco, Calif. -- June 29, 1998 --Novo Nordisk A/S (NYSE: NVO) and Genentech (NYSE: GNE) today announced an out-of-court settlement of litigation on Novo Nordisk and Genentech patents relating to human growth hormone and insulin. The settlement ends more than four years of legal battles fought in the US District Courts for the Southern District of New York and the District of New Jersey as well as in potential disputes in jurisdictions around the world.
Under the terms of the settlement, Novo Nordisk and Genentech will cross-license worldwide certain patents relating to human growth hormone and to the manufacture and production of growth hormone products Norditropin® (somatropin [rDNA origin] for injection) and Nutropin® (somatropin [rDNA origin] for injection) and Nutropin AQ™ (somatropin [rDNA origin] for injection). In addition, Novo Nordisk, at the end of August 1998, will receive a worldwide license under Genentech patents relating to insulin and Genentech will receive certain payments. Specific financial terms of the agreement will not be disclosed.
The Novo Nordisk growth hormone, Norditropin, was first introduced in Europe in 1988. It was approved by the US Food and Drug Administration (FDA) in 1995, but was blocked from entering the market until February 1997 by ongoing litigation. Norditropin is currently available in more than 75 countries. Novo Nordisk is the third largest producer of growth hormone in the world.
Novo Nordisk is also the world leader in the diabetes care, providing insulin, such as Novolin® 70/30, Novolin® N, Novolin® R, Velosulin® BR and NovoPen® and Novolin® Prefilled-- insulin delivery systems to patients to help improve the management of diabetes.
Novo Nordisk A/S is the world leader in insulin and diabetes care and also manufactures and markets a variety of other pharmaceutical products. Furthermore, the company is the world's largest producer of industrial enzymes. Headquartered in Denmark, Novo Nordisk employs approximately 14,200 people in 61 countries and markets its products in 179 countries. Its B shares are listed on the stock exchanges in Copenhagen, London and Zurich. Its ADSs are listed on the New York Stock Exchange under the symbol "NVO." For further company information, visit Novo Nordisk on the World Wide Web at http://www.novo.dk
Genentech, Inc. is a leading biotechnology company that discovers, develops, manufactures and markets human pharmaceuticals for significant unmet medical needs. Eleven of the currently marketed biotechnology products stem from Genentech science, six of which Genentech markets directly in the United States. The company has headquarters in South San Francisco, California, and is traded on the New York Stock Exchange and Pacific Exchange under the symbol GNE.
# # #