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ZymoGenetics Gets $21M From Bristol-Myers To Settle Patent Suit

ZymoGenetics said today it has agreed to accept a $21 million lump sum payment from Bristol-Myers Squibb to settle a patent dispute between the companies over Ig fusion proteins, according to a filing with the Securities and Exchange Commission. The Seattle-based biotech company (NASDAQ: ZGEN) said it dropped its patent lawsuit against the company, originally filed in August 2006, and granted a non-exclusive worldwide license to Bristol for the technology, which is used in its rheumatoid arthritis drug abatacept (Orencia.)

Luke Timmerman is the National Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.

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