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Cygnus, Inc.
Cynus announces settlement of Ortho-McNeil arbitration over sale of drug-delivery business
November 4th, 2005
Cygnus, Inc., (CYGN) announced that it reached a settlement with Ortho-McNeil Pharmaceutical, Inc., a wholly owned subsidiary of Johnson & Johnson, that resolves all of Cygnus' claims in its arbitration case against Ortho-McNeil Pharmaceutical arising out of the 1999 sale of substantially all of Cygnus' drug-delivery business assets to Ortho-McNeil. In the settlement, Ortho-McNeil has agreed to make a cash payment to Cygnus of $4 million. The arbitration hearing had been scheduled to commence in early October 2005. "We are pleased that the parties were able to reach a settlement prior to the commencement of the arbitration hearing and avoid the...
Source: Biotech Law Weekly (2005-11-04)
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