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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 email him at ltimmerman@xconomy.com or call 206-624-2374.

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