Published on July 31, 2007 at 7:22 PM
Australian company Biota has filed its updated Particulars of Loss and Damage in its suit against GlaxoSmithKline (GSK) for failing to support the influenza drug, Relenza, discovered by Biota and licensed to GSK in 1990.
The updated damages assessment filed with the Victorian Supreme Court estimates Biota's losses in the range of A$564 million to A$704 million (US$485 million to US$605 million). The assessment is net of royalties paid to date by GSK to Biota.
The initial Particulars of Loss and Damages lodged in July 2005 assessed damages to Biota in the range of A$308 million (US$265 million) to A$430 million (US$370 million). The increase in damages is attributable to a number of factors, including growth in the global stockpiling market for influenza antiviral treatments. The current stockpiling market is now estimated to be US$5.6 billion, up from Biota's initial estimate of US$3 billion in 2005.
The next significant step in the litigation as required by the Victorian Supreme Court is the filing of witness statements by Biota, which is scheduled for late October 2007. The matter is scheduled for trial on 1 April 2008.
http://www.biota.com.au/