29: Settlement between SSI and BioPorto
November 20 2007
Announcement no. 29
Settlement between Statens Serum Institut and BioPorto
As of today’s date, BioPorto and Statens Serum Institut ("SSI") have reached a settlement of the court case initiated in 2005 concerning an agreement on exclusive rights to the sale and exploitation of cell lines developed at SSI. The settlement reduces BioPorto’s costs by DKK 0.5 million in 2007.
In 2000, BioPorto acquired the rights to an extensive portfolio of monoclonal antibodies developed at SSI over a period of approximately 25 years. Based on this portfolio as well as newly licensed products and in-house product development, BioPorto now offers approximately 300 different antibodies, from which BioPorto has selected antibodies and developed ELISA tests within a number of focus areas. The portfolio of antibodies is thus a key aspect of BioPorto’s business foundation.
The settlement agreement entails a clear definition of the Parties’ reciprocal rights concerning exclusivity and utilization and, at the same time, reduces the fixed royalty rates and fixed minimum royalties paid by BioPorto to SSI.
This being settled, SSI and BioPorto have chosen to look ahead and focus on continuing to expand sales and their working relationship for the benefit of both Parties.
The reduced payment of royalties favorably affects BioPorto’s profit for the year by DKK 0.5 million and will also reduce expenditure by an equivalent amount or more in the years ahead.
Further details:
Thea Olesen, Managing Director
Tel. (+45) 4529 0029, e-mail info@bioporto.com
