Cyclacel sells four disputed romidepsin-related patents to Celgene
USA based Cyclacel Pharmaceuticals (Nasdaq: CYCC) says that it has entered into a definitive agreement with biotech major Celgene (Nasdaq: CELG) to sell to Celgene four Cyclacel-owned patents related to the use of romidepsin injection. In connection with the agreement Celgene has made a one-time payment of $5.5 million to Cyclacel.
As a result, the litigation between Cyclacel and Celgene in the US District Court for the District of Delaware, case number 1:10-cv-00348-GMS, is moot. Cyclacel and Celgene have filed a joint stipulation and order for dismissal requesting the Court to enter an order dismissing the litigation.
Romidepsin is the active ingredient of Celgene’s Istodax, intended for the treatment of peripheral T-cell lymphoma, which was acquired along with its $640 million takeover of Gloucester Pharmaceuticals (The Pharma Letter December 8, 2009).
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