Wednesday, Aug 27, 2003
South San Francisco, Calif. -- August 27, 2003 --Genentech, Inc. (NYSE: DNA) announced today that it has settled its patent litigation with Amgen, Inc. in the U.S. District Court for the Northern District of California. Genentech filed its original complaint against Amgen in 1996.
Under the settlement agreement, both parties agreed to dismiss their claims and counterclaims against each other. As part of the settlement, Amgen will make a one-time payment to Genentech.
Financial terms of the settlement were not disclosed. Genentech expects the financial impact of the settlement to be approximately a $0.20 increase per share on a GAAP basis for 2003, and such amounts will be recorded as a one-time item in the third quarter.
Genentech is a leading biotechnology company that discovers, develops, manufactures and commercializes biotherapeutics for significant unmet medical needs. Sixteen of the currently approved biotechnology products originated from or are based on Genentech science. Genentech manufactures and commercializes 11 biotechnology products in the United States. The company has headquarters in South San Francisco, California and is traded on the New York Stock Exchange under the symbol DNA. For additional information about the company, please visit http://www.gene.com