PDL receives royalty payment from Genentech
PDL BioPharma Inc. (NASDAQ:PDLI) reported that Genentech Inc. has paid the full sum of $73.8 million owed to PDL from 2Q10 sales of four antibody drug products. Last month, the Roche (SIX:ROG; OTCQX:RHHBY) unit asserted in a letter that the products do not infringe supplementary protection certificates (SPCs) covering PDL's royalty rights in Europe. PDL, which said the assertions were without merit, has requested a meeting with Genentech to resolve the situation.
In addition, PDL also disclosed on Wednesday that last week it filed a complaint in the Second Judicial District of Nevada, Washoe County, seeking declaratory judgment that Genentech is obligated to pay royalties on European sales of the products under the companies' 2003 settlement of an IP dispute. PDL told BioCentury that it has "no decision at this time" on plans to serve Genentech the complaint, and instead hopes to reach an "amicable" arrangement without having to do so. Genentech declined to comment. ...