Immunomedics, Pharmacia & Upjohn diagnostics/imaging news

IMMU sued Pharmacia & Upjohn for $60 million plus undisclosed punitive damages, claiming breach of contract and fiduciary duty to IMMU in connection with a 1991 development and licensing agreement. The 1991 agreement originally involved the Adria Laboratories Division of a company that was subsequently acquired by Pharmacia AB, which then merged with Upjohn.

The agreement, which was terminated in July 1995, provided Pharmacia with exclusive distribution rights to certain IMMU cancer imaging products in the U.S. and Canada. Pharmacia was to pay license fees and milestones to IMMU, support certain of IMMU's R&D and provide marketing planning and assistance. ...