Navigation Links
PDL Files for Arbitration Against Genentech Based on Underpayment of Royalties
Date:6/11/2013

INCLINE VILLAGE, Nev., June 11, 2013 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) today announced that on June 7, 2013, the Company filed a Notice of Arbitration against Genentech with the American Arbitration Association in Voorhees, New Jersey, alleging, inter alia, that Genentech underpaid royalties going back to at least 2007 and impeded PDL's attempts to have Genentech's books and records inspected to determine whether Genentech's past payments to PDL were accurately calculated.  

(Logo:  http://photos.prnewswire.com/prnh/20110822/SF55808LOGO)

In 2009, PDL retained KPMG LLP (KPMG) to conduct an independent inspection and analysis of the books and records of Genentech and its sublicensees for the three year period covering January 1, 2007 to December 31, 2009, a right granted to PDL under PDL's Patent License Master Agreement and License Agreements with Genentech.  KPMG reported to PDL that, due to limitations on its inspection imposed by Genentech, it was unable to assess the completeness or accuracy of Genentech's reporting of royalties.  KPMG concluded that, based on the limited information it was able to review, Genentech appears to have underpaid PDL in an amount that, if substantiated, PDL believes would be material.  Genentech has informed PDL that it disagrees with KPMG's conclusions and that it believes that it has correctly calculated royalties due. 

In the arbitration, PDL:  (i) requests a declaration of the parties' rights and obligations with respect to reporting and payment of royalties under the license agreements; (ii) alleges that Genentech has breached the license agreements due to its obstruction of KPMG's inspection and underpayment of royalties; and (iii) alleges that Genentech breached the implied covenant of good faith and fair dealing by depriving PDL of the benefits of the license agreements through its obstruction of the inspection, which we further assert concealed the nature and extent of its underpayment. 

The outcome of this arbitration is uncertain, and PDL may not be successful in its allegations.

About PDL BioPharma
PDL pioneered the humanization of monoclonal antibodies and, by doing so, enabled the discovery of a new generation of targeted treatments for cancer and immunologic diseases. Today, PDL is focused on intellectual property asset management, investing in new income generating assets and maximizing value for its shareholders. For more information, please visit www.pdl.com.

NOTE: PDL BioPharma and the PDL BioPharma logo are considered trademarks of PDL BioPharma, Inc.

Forward-looking Statements
This press release contains forward-looking statements. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-looking statements. Factors that may cause differences between current expectations and actual results include, but are not limited to, PDL being successful with its allegations and the underlying audit report being accurate.  Other factors that may cause PDL's actual results to differ materially from those expressed or implied in the forward-looking statements in this press release are discussed in PDL's filings with the SEC, including the "Risk Factors" sections of its annual report filed with the SEC. Copies of PDL's filings with the SEC may be obtained at the "Investors" section of PDL's website at www.pdl.com. PDL expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in PDL's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based for any reason, except as required by law, even as new information becomes available or other events occur in the future. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.


'/>"/>
SOURCE PDL BioPharma, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Bioabsorbable Stents - Global Strategic Business Report - 2013 Profiles 16 Companies inside the Market
2. Latteno Files Q1 Financials: Revenue $3.6 Million Up +5,000% from 2012
3. Omeros Files Clinical Trial Application for Lead Antibody in MASP-2 Program
4. PTC Therapeutics, Inc. Files Registration Statement for Proposed Initial Public Offering
5. MultiCell Technologies Files U.S. Patent Application for Targeted Delivery of Noncoding Micro RNAs for the Treatment of Liver Cancer
6. Sanford Heisler Files $100m+ Discrimination Suit Against Pharma Giant Merck & Co., Inc.
7. RNL BIO Co. Ltd. Files IND To Commence Phase II Clinical Trial Of RNL-JointStem For Osteoarthritis In The United States
8. Concord Medical Files 2012 Annual Report on Form 20-F with U.S. Securities and Exchange Commission
9. Sinovac Files Annual Report on Form 20-F
10. Epizyme, Inc. Files Registration Statement for Proposed Initial Public Offering
11. Update to Shareholders on Dividend Payment: Medisafe 1 Technologies Corporation Files Corporate Action Form with FINRA for the Dividend Distribution to its Shareholders
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/26/2016)... VEGAS , June 26, 2016 ... to value-based care operating models within the health care ... enable greater financial efficiency , Deloitte offers a ... the key business issues impacting efficient cost optimization: labor ... , These services facilitate better outcomes and better ...
(Date:6/24/2016)... 24, 2016 ... the addition of the " Global Markets for ... This report focuses on ... updated review, including its applications in various applications. The ... which includes three main industries: pharmaceutical and biotechnology, food ...
(Date:6/24/2016)... , June 24, 2016 Research ... World Market for Companion Diagnostic Tests" report to their ... Market for Companion Diagnostics The World Market ... and personalized medicine diagnostics. Market analysis in the report includes ... Test Market (In Vitro Diagnostic Kits) by Region (N. America, ...
Breaking Medicine Technology:
(Date:6/26/2016)... ... 2016 , ... On June 10-11, 2016, A Forever Recovery, a holistic treatment ... Longest Breakfast Table in Battle Creek, MI, where the rehabilitation facility is located. This ... of the world’s leading providers of cereal and other breakfast foods. Its residents often ...
(Date:6/26/2016)... Clarkston, Michigan (PRWEB) , ... June 26, 2016 ... ... respect to fertility once they have been diagnosed with endometriosis. These women need ... but they also require a comprehensive approach that can help for preservation of ...
(Date:6/25/2016)... ... June 25, 2016 , ... "With 30 hand-drawn hand gesture ... said Christina Austin - CEO of Pixel Film Studios. , ProHand Cartoon’s package ... Final Cut Pro X . Simply select a ProHand generator and drag it ...
(Date:6/25/2016)... ... June 25, 2016 , ... On Friday, June 10, Van Mitchell, ... at Work award to iHire in recognition of their exemplary accomplishments in worksite health ... annual Maryland Workplace Health & Wellness Symposium at the BWI Marriott in Linthicum Heights. ...
(Date:6/24/2016)... ... June 24, 2016 , ... June 19, 2016 is World Sickle Cell Observance ... and the benefits of holistic treatments, Serenity Recovery Center of Marne, Michigan, ... Disease. , Sickle Cell Disease (SCD) is a disorder of the red blood cells, ...
Breaking Medicine News(10 mins):