LONDON (Alliance News) - BTG PLC said Friday that it has settled its patent infringement complaint against Instituto Bioclon SA and Rare Disease Therapeutics Inc over the unlawful and unauthorised importation and sale into the US of certain products infringing on one of its US Patents.
Under the settlement, BTG will allow Bioclon to begin selling crotalid antivenom pharmaceutical compositions using BTG's patent no. 8,048,414 from October 2018, subject to Bioclon receiving regulatory approval for its product. BTG will receive single-digit royalties on sales of any product using the patent until the end of its exclusivity period in 2028.
Bioclon will withdraw its legal challenge of the patent's validity, and BTG will reimburse Bioclon USD6 million for its legal fees and costs.
"Settling this litigation is good for our business as it removes uncertainty for our investors and other stakeholders," said Chief Executive Louise Makin in a statement.
Shares in BTG are trading down 1.7% at 717.00 pence Friday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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