Corixa and GSK Settle BEXXAR Patent Litigation with Biogen Idec
Monday March 1, 7:00 am ET
SEATTLE & PHILADELPHIA--(BUSINESS WIRE)--March 1, 2004--Corixa Corp. (Nasdaq:CRXA - News) and GlaxoSmithKline (NYSE:GSK - News; GSK) today announced that the companies have reached a settlement with Biogen Idec regarding all outstanding patent litigation between the parties.
The settlement, which serves as the basis for the dismissal of all patent litigation between the parties, provides for Biogen Idec to pay to Corixa and GSK a $20 million upfront settlement payment, as well as a one-time milestone payment based on future Zevalin sales performance, and royalty payments on Zevalin sales from January 1, 2004 until all BEXXAR patents expire. Corixa and GSK will also enter into a worldwide, cross-license agreement with Biogen Idec relating to each party's patents in suit.
"This is a significant milestone for Corixa, GSK and our stockholders as it concludes the litigation between the companies and provides upfront and future payments to our companies," stated Steven Gillis, Ph.D., chairman and chief executive officer of Corixa.
"We strongly believe this settlement is in the best interests of all parties, and we are pleased to be able to concentrate our future efforts and resources on expanding the market for radioimmunotherapy and bringing BEXXAR to the many NHL patients in need," stated Kevin Lokay, vice president of oncology at GlaxoSmithKline.
About Corixa
Corixa is a developer of immunotherapeutics with a commitment to treating and preventing cancer and infectious diseases by understanding and directing the immune system. On June 30, 2003, Corixa announced that the FDA approved BEXXAR for the treatment of patients with CD20 positive, follicular, NHL, with and without transformation, whose disease is refractory to Rituximab and has relapsed following chemotherapy.
Corixa is focused on immunotherapeutic products and has a broad technology platform enabling both fully integrated vaccine design and the use of its separate, proprietary product components on a standalone basis. In addition to BEXXAR, Corixa currently has multiple programs in clinical development, including several product candidates that have advanced to and through late stage clinical trials. The company partners with numerous developers and marketers of pharmaceuticals, targeting products that are Powered by Corixa(TM) technology with the goal of making its potential products available to patients around the world. Corixa was founded in 1994 and is headquartered in Seattle, with additional operations in Hamilton, Mont., and South San Francisco. For more information, please visit Corixa's Web site at corixa.com. |
