A complete settlement agreement with Genentech Inc. and Biogen Inc. for all disputes of the royalty payments
On March, 11, 2020, TaiMed Biologics Inc. entered into a complete settlement agreement with Genentech Inc. and Biogen Inc. for all disputes of the milestone and royalty payments under the 1998 and 2007 License Agreement. After fulfilling the agreed terms of settlement, the License Agreement will be terminated. TaiMed have no obligation for any payments after that.
Pursuant to the terms of confidentiality under the agreements, the Company cannot disclosure the contents of settlement agreement. However, there is a significant positive impact on the Company’s financials for a coming decade.
Due for Trogarzo marketing rights approved by the U.S. FDA in 2018 and the European Commission in 2019, the termination of license agreements under the settlement will not affect the current sales and marketing.