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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Biomaven who wrote (5402)	1/10/2002 2:35:41 PM
From: Biomaven	Respond to of 52153

Here's the Bloomberg report (quoted on Yahoo, so I can't vouch for its accuracy): Roche Ordered to Pay $501 Mln in Igen Licensing Case (Update1) (Updates damage figure in first paragraph; adds details on verdict in third paragraph, investor comment in fifth paragraph.) Greenbelt, Maryland, Jan. 10 (Bloomberg) -- Roche Holding AG must pay $501 million in damages to Igen International Inc. in a licensing dispute over blood-testing technology used in Roche's diagnostic equipment, jurors ruled. Jurors in federal court in Greenbelt, Maryland, deliberated more than four days before finding officials of Roche's diagnostic unit deliberately underpaid royalties on the technology, used to test bodily fluids for cancer and thyroid problems. Igen executives also sought punitive damages from Basel, Switzerland-based Roche, the No. 2 maker of diagnostic products in Europe. Igen accused Roche of using unfair business practices in a bid to drive the medical-testing firm out of business so Roche could acquire the testing technology. The jury awarded Igen a total of $501 million in actual and punitive damages for violating the agreement, and also invalidated Roche's license to the testing technology. Witnesses testified during the 10-week trial that the license may be worth more than $1 billion. ``We're ecstatic with the verdict,'' said Mark Hardcastle, a Columbia, Maryland, lawyer who owns Igen shares. Officials of Gaithersburg, Maryland-based Igen weren't immediately available for comment on the verdict. Officials of Roche's U.S. unit weren't immediately available for comment. While the jury's ruling returns the testing-technology license to Igen, company officials have agreed not to make Roche officials stop using the system until all appeals in the case are exhausted, according to testimony. Trading in Igen's shares, which have more than tripled over the last 12 months, was halted today while the jury's verdict was being announced. The shares were trading at $38.09 when trading was halted. Roche's shares, which have fallen 27 percent over the same period, rose 1.5 Swiss francs to 113.5 francs. (added in edit: the above is a correct copy of the Bloomberg release).