Amicable conclusion to Nanobodies disagreement
Belgian biotech Ablynx has agreed to pay ReMynd up to €2m and a 1% royalty on sales of any products arising from its Alzheimer’s alliance with Boehringer Ingelheim to settle a dispute over a 2003 collaboration agreement with ReMynd to discover and commercialise new Nanobodies.
In 2007, ReMynd said a difference of interpretation existed concerning the contractual obligation of the 2003 agreement, under which Ablynx would pay ReMynd 50% of any income received if certain Nanobodies from the collaboration were licensed to a third party for development and commercialisation.
Ablynx has a collaboration with Boehringer Ingelheim in the area of Alzheimer’s disease with a potential value of US$265m plus royalties, under which it believes no licence to develop or commercialise any of the aforementioned Nanobodies was granted.
Dr Edwin Moses, chief executive and chairman of Ablynx, said: ‘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.’