Feb 24 2011
Elan Corporation plc (NYSE: ELN) and Celgene Corporation (Nasdaq:CELG), today announced that Elan subsidiary Elan PharmaInternational Limited has entered into a settlement and license agreement with Celgene Corporation resolving the patent infringement litigation involving ABRAXANE®. Elan initiated legal action in 2006 against Abraxis BioScience, Inc. Abraxis was acquired by Celgene (NASDAQ: CELG) in October, 2010.
In consideration of the terms of the settlement and license agreement, Celgene will pay Elan a one-time fee of $78 million. Elan will not receive any additional payments for sales of ABRAXANE®, or any other nab®-Paclitaxel product in the United States or globally. Celgene will acquire a fully-paid up, exclusive, world-wide license to select Elan U.S. and foreign patents for ABRAXANE®.