ARTICLE | Company News
VivoRx, Mylan Laboratories Inc. gene/cell therapy, metabolic news
June 1, 1999 7:00 AM UTC
An arbitrator ordered Mylan to pay VivoRx’s VivoRx Diabetes Inc. subsidiary $10.3 million of research funding withheld from VivoRx by Mylan since April 1, 1998, under the companies’ 1994 agreement to develop VivoRx’s encapsulated cell therapies to treat diabetes. However, VivoRx will be required to repay a portion of Mylan’s R&D funding provided under the agreement, which Mylan estimates at $18 million, payable over 5 years beginning in October 2000.
Under the decision, Mylan’s exclusive North American rights to VivoRx’s diabetes technologies have been terminated. VivoRx said it is in discussions with potential partners. ...