The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

Elan and Celgene Enter into Settlement and License Agreement Related to ABRAXANE®

Thursday, February 24, 2011

Elan and Celgene Enter into Settlement and License Agreement Related to ABRAXANE®19:34 EST Thursday, February 24, 2011 DUBLIN (Business Wire) -- Elan Corporation plc (NYSE: ELN) and Celgene Corporation (Nasdaq:CELG), today announced that Elan subsidiary Elan PharmaInternational Limited has entered into a settlement and license agreement with Celgene Corporation resolving the patent infringement litigation involving ABRAXANE®. Elan initiated legal action in 2006 against Abraxis BioScience, Inc. Abraxis was acquired by Celgene (NASDAQ: CELG) in October, 2010. In consideration of the terms of the settlement and license agreement, Celgene will pay Elan a one-time fee of $78 million. Elan will not receive any additional payments for sales of ABRAXANE®, or any other nab®-Paclitaxel product in the United States or globally. Celgene will acquire a fully-paid up, exclusive, world-wide license to select Elan U.S. and foreign patents for ABRAXANE®. About Elan Corporation, plc Elan Corporation, plc is a neuroscience-based biotechnology company committed to making a difference in the lives of patients and their families by bringing innovations in science to fill significant unmet medical needs. Elan shares trade on the New York and Irish Stock Exchanges. For additional information about the company, please visit About Celgene Celgene Corporation, headquartered in Summit, New Jersey, is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of novel therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation. For more information, please visit the company's Web site at Photos/Multimedia Gallery Available: Elan:Investor Relations:Chris Burns, 800-252-3526David Marshall, 353-1-709-4444orMedia Relations:Niamh Lyons, 353-1-663-3600US Media Relations, 866-964-8256orCelgene:Jacqualyn A. Fouse, 908-673-9956Sr. Vice President andChief Financial OfficerorTim Smith, 908-673-9951DirectorInvestor Relations