(Alliance News) - Vectura Group PLC on Tuesday confirmed GlaxoSmithKline PLC will not appeal the award of damages in a lawsuit in relation to inhaler product Ellipta.
In 2010, Glaxo agreed a licence to technology covered by a Vectura patent. The licence expired in 2016. However, GSK did not renew the agreement upon expiry. This led to Vectura filing a patent infringement lawsuit against Glaxo in the US District Court for the District of Delaware.
In 2019, Chippenham, England-based Vectura won the case and was awarded damages. At the time, it said the finding by the court granted it the right to seek enhanced damages, however Glaxo had the option to appeal the decision.
However on Tuesday, the company said Glaxo has decided not to petition for a re-hearing. Therefore, FTSE 100-listed drugmaker Glaxo is expected to make payment of the current award plus interest by late January 2021, with the specific amount due to be confirmed soon.
Glaxo shares were trading 3.5% higher at 1,379.80 pence each on Tuesday at midday in London. Shares in Vectura were trading 1.8% higher at 125.60p each.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
