NEW YORK--(BUSINESS WIRE)--Dec. 7, 2007--ImClone Systems Incorporated (NASDAQ: IMCL), a global leader in the development and commercialization of novel cancer therapeutics, today announced that it has signed a settlement agreement with Yeda Research and Development Company Ltd. and Sanofi-Aventis to end worldwide litigation related to U.S. Patent No. 6,217,866 (the "866 Patent") and its foreign counterparts. All terms of the settlement agreement have been finalized and the parties will submit stipulations to the appropriate courts and patent offices in the various jurisdictions.
Under the terms of the settlement agreement, the companies agree that Yeda is the sole owner of the 866 Patent in the U.S., and Yeda and Sanofi-Aventis are co-owners of the 866 Patent's foreign counterparts. Pursuant to the terms of the settlement agreement, ImClone and Sanofi-Aventis will each pay Yeda $60.0 million in cash for full and final settlement of the claims and counterclaims in the matter. ImClone shall be granted a worldwide license to technology patented under the 866 Patent. ImClone will make a contingent payment to Yeda of a low single-digit royalty on sales in and outside of the U.S. and will pay Sanofi-Aventis a low single-digit royalty on sales outside of the United States. ImClone's worldwide royalty rate for ERBITUX sales pursuant to the settlement agreement remains unchanged.
"This settlement agreement with Yeda and Sanofi-Aventis further solidifies our ability to maximize the commercialization of ERBITUX in the U.S. and abroad going forward," said John H. Johnson, Chief Executive Officer of ImClone. "With this settlement, we have now successfully resolved two important patent litigation claims this year through mutually beneficial agreements that enhance the future commercial and financial potential for ImClone and ERBITUX."
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