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Miles
Km80.5

   

Ablynx And Remynd Settle Dispute Amicably


6/2/2010 1:33:20 PM

GHENT, BELGIUM--(Marketwire - June 02, 2010) -



GHENT and LEUVEN, Belgium, 2 June 2010 - Ablynx NV [Euronext Brussels: ABLX] and reMYND NV announced today that they have reached a settlement concerning a dispute relating to a collaboration agreement to discover and commercialize new Nanobodies(®) which Ablynx and reMYND entered into in 2003.

In 2007, Ablynx was notified by reMYND that a difference of interpretation existed in respect of Ablynx's contractual obligation to reMYND under the 2003 agreement. Under this agreement, Ablynx had the obligation to pay reMYND 50% of any income received if certain Nanobodies from the above collaboration were licensed to a third party for development and commercialization. Ablynx has a collaboration with Boehringer Ingelheim in the area of Alzheimer's disease with a potential deal value of $265 million plus royalties, under which, at this time, it believes, in contrast to reMYND, that no license to develop or commercialize any of the aforementioned Nanobodies has been granted.

In order to amicably resolve the dispute, Ablynx and reMYND have signed a settlement agreement which terminates the 2003 agreement and under which reMYND could receive up to EUR2 million in payments based on successful achievement of milestones in Ablynx's Alzheimer's collaboration with Boehringer Ingelheim, as well as a 1% royalty on sales of any products potentially arising from this collaboration.

Dr Edwin Moses, CEO and Chairman of Ablynx, commented: "We are pleased that we have amicably resolved our differences with reMYND." Koen De Witte, Managing Director of reMYND, added: "It is good that we have this behind us, and can now focus on the future".

-ends-





[HUG#1421228]





Complete version of the press release: http://hugin.info/137912/R/1421228/370555.pdf




For more information, please contact

Ablynx:

Dr. Edwin Moses
Chairman and CEO
t: +32 (0)9 262 00 07
m: +44 (0)7771 954 193 / +32 (0)473 39 50 68
e: edwin.moses@ablynx.com

Eva-Lotta Allan
Chief Business Officer
t: +32 (0)9 262 00 75
m: +32 (0)475 78 36 21 / +44 (0)7990 570 900
e: eva-lotta.allan@ablynx.com

reMYND:

Koen De Witte
Managing Director
t: +32 (0)16 751416
e: koen.de.witte@remynd.com

An Tanghe
CRO Manager
t: +32 (0)16 751422
e: an.tanghe@remynd.com


Read at BioSpace.com

Ablynx
 
 

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