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.
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