KVISTGARD, Denmark, July 26 /PRNewswire-FirstCall/ -- On 25 July 2007, Bavarian Nordic and Acambis reached a global settlement ending the legal disputes between the two companies on matters relating to smallpox vaccines based on the Modified Vaccinia Ankara (MVA) virus.
Under the agreement, Bavarian Nordic will grant a license to some of its MVA patents in return for Acambis making an undisclosed upfront payment. Acambis will also make royalty and milestones payments should it develop or commercialize certain MVA products in the future.
The settlement involves the patent disputes at the U.S. International Trade Commission (ITC) and the Commercial Court in Vienna, Austria, as well as the conversion, unfair trade acts and unfair competition action at the U.S. Federal District Court of the District of Delaware.
Under the settlement, the terms of which are confidential, all pending litigation and further appeals will cease. The Administrative Law Judge at the ITC who was recently assigned to the case had set a date for the new initial determination to be issued on November 20, 2007, but Acambis and Bavarian Nordic will now submit a joint motion to the ITC for termination of that investigation.
The agreement will have no financial impact on this year’s guidance.
In a joint statement, Peter Wulff, President and CEO of Bavarian Nordic, and Ian Garland, CEO of Acambis, commented: “This settlement brings to an end the litigation between our two companies and provides a basis for both companies to progress their respective vaccine businesses unhindered by these legal disputes.”
Asger Aamund
Chairman of the Board
About Bavarian Nordic
Bavarian Nordic (CSE: BAVA) is a leading international biopharmaceutical company developing and producing innovative vaccines to prevent and treat infectious diseases and cancer. With operations in Denmark, Germany, the USA, and Singapore, Bavarian Nordic employs over 200 people. Bavarian Nordic’s patented technology, MVA-BN(R), is as been demonstrated in clinicial studies, one of the world’s safest, multivalent vaccine vectors for the development of vaccines against various infectious diseases such as smallpox, HIV/AIDS, as well as against breast and prostate cancer. Several MVA-BN(R)-based HIV and smallpox vaccines are in clinical Phase I and Phase II trials. Bavarian Nordic has ongoing development contracts with the US government to develop IMVAMUNE(R) as a safe third-generation smallpox vaccine. Bavarian Nordic has supplied several other governments with smallpox vaccines.
For more information please visit http://www.bavarian-nordic.com
Bavarian Nordic A/S
CONTACT: Contacts: Li Westerlund, Director Intellectual Property Rights,Telephone: +45-33-26-83-96; Media: United Kingdom, Mary Clark, CapitalMS&L, Telephone: +44-207-307-5330; Media: United States of America, EspenKateraas, Bavarian Nordic Inc.,Telephone: +1-202-536-1577
