|Judge Denies Roche and Genentech's Motions to Dismiss Complaint. Qiagen Updates Proposal To Acquire Cellestis.|
|By Staff and Wire Reports|
|Monday, 11 July 2011 19:48|
PDL BioPharma, Inc. (NASDAQ:PDLI) announced a favorable ruling, specifically, that , the Second Judicial District Court of Nevada ruled in favor of PDL, on July 7, 2011, two motions to dismiss Genentech and F. Hoffmann LaRoche, Ltd. (Roche) in PDL's lawsuit related to the 2003 settlement agreement with Genentech.
The court denied Genentech and Roche's motion to dismiss four of PDL's five claims for relief and, further, denied Roche's separate motion to dismiss for lack of personal jurisdiction. The court dismissed one of PDL's claims that Genentech committed a bad-faith breach of the covenant of good faith and fair dealing stating that, based on the current state of the pleadings, no "special relationship" had been established between Genentech and PDL as required under Nevada law.
Background on Litigation with Genentech
In August 2010, PDL received a letter from Genentech, on behalf of Roche and Novartis, asserting that Avastin®, Herceptin®, Lucentis® and Xolair® (the Genentech Products) do not infringe the supplementary protection certificates (SPCs) granted to PDL by various countries in Europe for each of the Genentech Products and seeking a response from PDL to these assertions. PDL believes that the SPCs are enforceable against the Genentech Products, that Genentech's letter violates the terms of the 2003 settlement agreement and that Genentech owes PDL royalties on sales of the Genentech Products on a worldwide basis.
The effect of the Court's ruling is that PDL is permitted to continue to pursue its claims that:
Genentech is obligated to pay royalties to PDL on international sales of the Genentech Products;Genentech, by challenging, at the behest of Roche and Novartis, whether PDL's SPCs cover the Genentech Products breached its contractual obligations to PDL under the 2003 settlement agreement;Genentech breached the implied covenant of good faith and fair dealing with respect to the 2003 settlement agreement; andRoche intentionally and knowingly interfered with PDL's contractual relationship with Genentech in conscious disregard of PDL's rights.
PDL seeks compensatory damages, including liquidated damages and other monetary remedies set forth in the 2003 settlement agreement, punitive damages and attorney's fees as a result of Genentech and Roche's conduct.
Qiagen NV (NASDAQ:QGEN) announced it has amended its original proposal to acquire Cellestis Limited. Under terms of the amended proposal, the per-share offer price is being increased by 7% to AUD3.80 from the original offer price of AUD3.55 announced on April 4, 2011.
QIAGEN has declared this offer to be final and will not be increased in the absence of a competing proposal. The amended proposal represents an attractive outcome for Cellestis shareholders, enabling them to realize value in cash for their shares at a premium.
The resulting integration of Cellestis will also offer opportunities to create significant value for QIAGEN shareholders. Implementation of the scheme will allow a rapid and efficient integration of Cellestis' business into the QIAGEN group without interrupting its strong growth momentum.
Once the scheme is implemented, QIAGEN can begin to make investments to further expand Cellestis' global presence and the companies' combined product portfolio.
Amarillo Biosciences, Inc. (OTCBB: AMAR) today announced that the treatment phase in its Phase 2 dose-ranging clinical trial of 169 hepatitis C patients has been completed.
Anavex Life Sciences Corp. (OTCBB: AVXL) is pleased to announce that it has raised $1,575,000 through the exercise of warrants.
BioDrain Medical, Inc. (OTCBB: BIOR) (OTCQB: BIOR), producer of the FDA cleared Streamway® System for automated surgical fluid disposal, today announced it has received a purchase order for multiple units of the Streamway System from an East Coast-based hospital.
Bio Lab Naturals, Inc. (PINKSHEETS: BLAB) issued a report of sales and earnings for its first quarter ended March 31, 2011. Sales for the quarter were $ 777,213 compared to $ 378,143 a year earlier, an increase of 105% quarter on quarter.
China Biologic Products, Inc. (NASDAQ:CBPO) ("China Biologic," or the "Company"), a leading plasma-based biopharmaceutical company in China, today announced that the Guizhou Provincial Health Department has issued a "Plan for Guizhou Provincial Blood Collection Institutional Setting (2011-2014)" (the "Plan").
China Cord Blood Corporation (NYSE:CO) ("CCBC" or the "Company"), the first and largest cord blood banking operator in China, today announced that the Company repurchased an aggregate of 2,052,607 ordinary shares.
CONMED Corporation (NASDAQ: CNMD) announced today that it expects to report second quarter 2011 financial results before the market opens on Thursday, July 28, 2011, and will also hold a conference call live over the Internet at 10:00 a.m. Eastern Time that same day.
China Biologic Products, Inc. (Nasdaq: CBPO), one of the leading plasma-based biopharmaceutical companies in the People's Republic of China, today announced that it has received the permit from the Shandong Province Health Department for the newly built plasma collection station in Ningyang County, Shandong Province, and expects to begin commercial plasma collection at the Ningyang station on July 12, 2011.
Generex Biotechnology Corporation (OTCBB: GNBT) today announced that it entered into a securities purchase agreement with certain institutional investors on July 8, 2011.
Digirad Corporation (NASDAQ: DRAD) today announced that veteran medical sales executive Armando Jackson has been named Senior Vice President of Product Sales, effective immediately.
John C. Lechleiter, Ph.D., chairman, president and chief executive officer of Eli Lilly and Company (NYSE:LLY), today urged that biopharmaceuticals be included in transatlantic trade and economic discussions.
Generex Biotechnology Corporation (OTCBB: GNBT) announced today the publication of studies conducted at the Mayo Clinic using the Antigen Express proprietary Ii-Key technology.
Hubei Minkang Pharmaceutical Ltd. (OTCBB:HBMK) ("Hubei Minkang", or the "Company") is pleased to announce that it has entered into a share exchange agreement, dated July 8, 2011 (the "Agreement") with HBMK Pharmaceutical Limited ("HBMK"), a BVI corporation, and all of the shareholders of HBMK (the "Vendors").
Ion Torrent, a unit of Life Technologies Corporation (NASDAQ:LIFE), today announced that it is shipping its new 100 Mb Ion 316™ chip, which has tenfold more throughput than the original Ion 314™ chip, and that its 1 Gb Ion 318™ chip will be available in the fourth quarter.
Medical Marijuana Inc (PINKSHEETS: MJNA) announced today that as of August 1, 2011 its initial Cannabidiol (CBD) and THC Free Product lines will be available for consumers in the United States.
MultiCell Technologies, Inc. (OTC Bulletin Board:MCET) ("MultiCell") today announced that it entered into a sponsored research agreement with University Health Network pursuant to which Anand Ghanekar, M.D., Ph.D., of the University Health Network's Toronto General Hospital, will direct research activities relating to the evaluation of MultiCell's product candidates MCT-465 and MCT-485, in in vitro models for the treatment of primary liver cancer.
Life Technologies Corporation (NASDAQ:LIFE) announced today that it has launched a regional distribution hub in India to address strong customer demand in the South Asia region.
NuVasive, Inc. (NASDAQ: NUVA), a medical device company focused on developing products for minimally disruptive surgical treatments for the spine, announced details today relating to its second quarter 2011 earnings announcement, which will take place on Monday, July 25, 2011, after the close of the market.
Oracle (NASDAQ: ORCL)-ResCare, Inc., a human services company, has successfully implemented Oracle® Business Intelligence Foundation and Oracle Business Intelligence (BI) Applications on an Oracle data warehouse by partnering with Optimum Solutions, a Platinum level member in the Oracle PartnerNetwork.
PDL BioPharma, Inc. (NASDAQ:PDLI) announced a favorable ruling today, specifically, that on July 7, 2011, the Second Judicial District Court of Nevada ruled in favor of PDL on two motions to dismiss filed by Genentech and F. Hoffmann LaRoche, Ltd. (Roche) in PDL's lawsuit related to the 2003 settlement agreement with Genentech.
PROLOR Biotech, Inc. (NYSE Amex:PBTH), today announced that it has received a notice of allowance from the U.S. Patent and Trademark Office (PTO) for a patent application covering the company's CTP platform, which has the potential to extend the duration of activity of virtually all therapeutic proteins.
Sangamo BioSciences, Inc. (NASDAQ:SGMO) today announced the appointment of Geoffrey M. Nichol, B.Med.Sc., M.B., Ch.B., M.B.A., as Executive Vice President, Research and Development effective immediately.
Sunshine Biopharma Inc. (OTCBB: SBFM), a development stage pharmaceutical company focused on the research, development and commercialization of drugs for the treatment of various forms of cancer, today announced that it has completed a detailed cytotoxicity study of its lead compound, Adva-27a, in MCF-7/MDR, a Multidrug Resistant Breast Cancer cell line.
Valeant Pharmaceuticals International, Inc. (NYSE:VRX and TSX: VRX) announced today that Valeant and its subsidiary, Valeant International (Barbados) SRL (VIB), have signed an agreement to acquire Dermik, a dermatology unit of Sanofi (EURONEXT: SAN and NYSE:SNY) in the U.S. and Canada, as well as the worldwide* rights to Sculptra® Aesthetic (injectable poly-L-lactic acid).
Vanda Pharmaceuticals Inc. (NASDAQ:VNDA), a biopharmaceutical company focused on the development and commercialization of products for central nervous system disorders, today announced its exclusive license agreement with Probiomed S.A. de C.V., a wholly owned pharmaceutical operating unit of Proquifin S.A. de C.V., for the commercialization of Fanapt™ in Mexico.